After notice and hearing, the Board may suspend or revoke a license and assess administrative penalties pursuant to section 156 of this title for any of the following reasons:
(1) fraud or deceit in obtaining the license;
(2) failure to notify the Department and the owner or lessee of a conveyance of noncompliance of the conveyance with the standards adopted under this subchapter; or
(3) violation of any provisions of this subchapter.