The department may, prior to issuing any license under this chapter to any person or broker, fully investigate all information placed before it under § 34-38-3 and in addition it may carry out a physical examination, investigation, or inspection of any subdivision which is the subject of the application. In addition, the department shall secure a written appraisal of the value of the properties to be offered both in their existing condition and after promised improvements, if any, from not less than one nor more than five (5) real estate appraisers who are not employees of the seller or any of its competitors, and who shall be selected by the department. All reasonable expenses incurred by the department in carrying out the examination, investigation, or inspection or securing the appraisals shall be paid by the applicant and no license shall be issued until the expenses have been fully paid.