Udaap Exam - Unfair, Deceptive, Or Abusive Acts And Practices

True

False

True

False

A material misrepresentation or omission of information that is likely to mislead a consumer.

An interference with the ability of a consumer to understand the term or condition that takes unreasonable advantage of the consumer’s lack of knowledge.

A substantial injury to a consumer that cannot be reasonably avoided and that is not outweighed by countervailing benefits to the consumer.

All of the above.

It causes or is likely to cause substantial injury to consumers

The injury is not reasonably avoidable by consumers

The injury is not outweighed by countervailing benefits to consumers or to competition

All of the above

The act of practice misleads or is likely to mislead the consumer

The consumer's interpretation is reasonable under the circumstance

The misleading act or practice is material

All of the above

True

False

True

False

A consumer's lack of understanding of the material risks, costs or condition of the product or service

A consumer's inability to protect his or her interests in selecting or using a consumer financial product or service

A consumer's reasonable reliance on a covered person to act in his or her interest

All of the above

True

False

True

False