The commission or executive director may take any action or impose a penalty under Subchapter F or G, Chapter 51, against an auctioneer or associate auctioneer for:
(1) violating this chapter or a rule adopted under this chapter;
(2) obtaining a license through false or fraudulent representation;
(3) making a substantial misrepresentation in an application for an auctioneer's license;
(4) engaging in a continued and flagrant course of misrepresentation or making false promises through an agent, advertising, or otherwise;
(5) failing to account for or remit, within a reasonable time, money or property belonging to another that is in the auctioneer's possession or commingling funds of another with the auctioneer's funds or failing to keep the funds of another in an escrow or trust account;
(6) violating a provision of the Business & Commerce Code in conducting an auction; or
(7) violating a rule or order of the commission or executive director.