Here's how it works:
* Verb: When "applying" is used as a verb, it means to put into practice or to make a formal request for something.
* Example: "She is applying for a new job."
* Present participle: As a present participle, "applying" acts as an adjective or part of a verb phrase.
* Example: "The applying paint was still wet." (adjective)
* Example: "He is applying for a new job." (part of a verb phrase)
To determine the part of speech, you need to look at its function in the sentence.