(a) The Commissioner of Licensing and Consumer Affairs, upon recommendation of the Commission, and subject to appeal to the Governor within fifteen days after such recommendation, may revoke or suspend the license of any person issued under this chapter who, after due notice and hearing by the Commission is found guilty of any of the offenses described in this chapter.
(b) The Commission may, upon its own motion, or upon the verified complaint in writing of any person, hold a hearing for the suspension or revocation of a license. The Commission may recommend to the Commissioner of Licensing and Consumer Affairs the revocation or suspension of a license where it has been obtained by fraud or false representation, or where the licensee, in performing or attempting to perform any of the acts mentioned herein, is found guilty of—
(1) pursuing a continued and flagrant course of misrepresentation, or making false promises through agents or salesmen or any medium of advertising, or otherwise, or
(2) misleading or untruthful advertising, or using the trade name or insignia of member in any real estate organization of which the licensee is not a member, or
(3) failing within a reasonable time to account for or remit any moneys coming into his possession which belong to others, commingling funds of others with his own, or failing to keep such funds of others in escrow or trustee account, or
(4) being convicted in a court of competent jurisdiction of forgery, embezzlement, obtaining money under false pretenses, extortion, conspiracy to defraud, or any similar offense or offenses, or pleading guilty or nolo contendre to any such offense or offenses, or
(5) failing to furnish a copy of any written instrument to any party executing the same at the time thereof, or
(6) any conduct in a real estate transaction which demonstrates bad faith, dishonesty, untrustworthiness or incompetency, or
(7) failure to disclose to an owner his intention or true position where he directly or indirectly purchases for himself, or acquires or intends to acquire any interest in, or options to purchase property which he or his associates have been employed to sell, or
(8) failing to make known for which party he is acting, or receiving compensation from more than one party, except with the full knowledge of all parties, or
(9) dividing a commission or any other valuable consideration with any person who is not authorized to engage in the real estate business.