The following actions are considered exploits and have a defined set of punishment. The price you will pay for multiple infractions will be high.
DCS/MCS: Accessing content/areas before they have been unlocked legitimately. Obstructing proper ways of interaction with the environment. Attacking people from places they cannot attack you. Recall exploiting.
Party/Fellowship/Raid: Doing things to access the content in such a way that you can bypass normal requirements. Glitching out time limits and the order in which you are supposed to access content. Attacking mobs in a way that they can't attack back (STOP DOING THIS, IT IS AN OBVIOUS EXPLOIT).
Timers: Logging out to shorten cooldowns. Doing actions that immediately fire off charged abilities or rest the cooldowns on skills.
Using covers to equip items that are higher level than you is an exploit and depending on the severity of the infraction, the punishment will hurt!
Anything that compromises the normal or intended game mechanics will be punished. The first instance may be viewed lightly, but continued abuse can and will result in item wipes, skill wipes and even up to permanent bans. Consider yourself warned.