(a) A graduate license is valid
(1) for one year from the date of issuance;
(2) until the results of an applicant's examination are available or;
(3) until the Board makes a final decision on the applicant's request for licensure, whichever comes first.
(b) A graduate licensee who has not yet taken the examination shall take the next available examination. Failure to do so is ground for revocation of the graduate license, unless the graduate licensee is unable to take the examination due to an emergency circumstance accepted as such by the Board. The Board may extend a graduate license, upon a majority vote of the board members, for a period not to exceed one year. Under no circumstances may the Board grant more than one extension of a graduate license.