(1) The board may, upon application and the payment of a fee determined by the board, issue a certificate as a professional engineer or land surveyor to any person who holds a certificate of qualification of registration issued to the applicant following examination by proper authority, of any state or territory or possession of the United States, the District of Columbia, or of any foreign country, if: (a) The applicant meets all requirements of this chapter and the rules established by the board to qualify for such waiver, and (b) the applicant is in good standing with the licensing agency in said state, territory, possession, district, or foreign country.

(2) The board shall waive the fundamentals examination for applicants who have passed the national council for examiners for engineering and surveying principles and practice examination, have met the experience and education requirements established by the board, and are in good standing with the licensing agency in a state, territory, possession, district, or foreign country.