The board may deny, revoke or refuse to issue or renew the registration of an appraisal management company or may restrict or limit the activities of an appraisal management company or of a person or firm that owns an interest in or participates in the business of an appraisal management company for the following reasons:
(1) A person or firm acted as an appraisal management company or performed appraisal management services without being properly registered with the board;