CMM Professional Ethics & Standards Flashcards

What is the purpose of the CMM continuing education requirement?

Answer: To ensure certificants maintain current knowledge of evolving mineral management laws, practices, and industry standards

Continuing education requirements keep CMMs current with changes in mineral law, lease practices, tax regulations, and industry standards so they can competently serve clients over time.

Under professional ethics standards, what does 'competent representation' require of a CMM?

Answer: Thorough preparation, adequate knowledge of relevant law and practice, and diligent execution on behalf of the client

Competent representation requires the mineral manager to be thoroughly prepared, knowledgeable about applicable law and industry practice, and diligent in carrying out the client's instructions.

A CMM receives an unsolicited gift from an operator after successfully negotiating a favorable lease for their client. What is the ethical course of action?

Answer: Decline the gift or disclose its receipt to the client, as accepting it could compromise the CMM's independence

Accepting gifts from opposing parties can compromise a professional's independence and objectivity; the ethical response is to decline or fully disclose the gift to the client.

Which principle of professional ethics prohibits a CMM from making false or misleading statements about competitors?

Answer: The prohibition on misrepresentation and unfair competition

Professional ethics codes broadly prohibit misrepresentation and conduct that constitutes unfair competition, including making false statements about other professionals or their services.

What does the principle of 'client confidentiality' require of a CMM after an engagement ends?

Answer: The CMM must continue to protect confidential client information indefinitely after the engagement concludes

Professional confidentiality obligations survive the end of the client engagement; a CMM must protect confidential information indefinitely unless the client consents to disclosure.

When may a CMM permissibly share confidential client information without the client's consent?

Answer: When required by law, court order, or to prevent reasonably certain harm to a third party

Confidentiality may be overridden without client consent only in narrow circumstances such as legal compulsion by court order or statutory requirement, or to prevent substantial harm.