Udaap Final Quiz

10 Questions | Total Attempts: 358

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Udaap Final Quiz - Quiz

Final quiz to determine what you have learned about UDAAP.


Questions and Answers
  • 1. 
    Which of the following would NOT be used to consider if an act or practice is unfair?
    • A. 

      It causes substantial injury

    • B. 

      It is not outweighed by the benefits

    • C. 

      It hurts someone's feelings

    • D. 

      It is not reasonably avoidable

  • 2. 
    UDAAP stand for: Unfair, Discrimintory Actions, Acts or Practices
    • A. 

      True

    • B. 

      False

  • 3. 
    UDAAP is part of which of the following legislations:
    • A. 

      Obama Care 2011

    • B. 

      RESPA

    • C. 

      Dodd-Frank Act

    • D. 

      Americans with Disability Act

    • E. 

      Not part of federal legislation but required by CFPB

  • 4. 
    To be considered deceptive, an act or practice must have all of the following: -Representation, practice or omission that is likely to mislead -Reasonable consumer perspective considered -A material representation  
    • A. 

      True

    • B. 

      False

  • 5. 
    Which of the following questions is not part of the "four Ps" that can assist in the evaluation of whether a representation, omission, act, or practice is likely to mislead:
    • A. 

      Is the statement PROMINENT enough for the consumer to notice?

    • B. 

      Is the information PRESENTED in an easy-to-understand format that does not contradict other information in the package and at a time when the consumer’s attention is not distracted elsewhere?

    • C. 

      Is the PLACEMENT of the information in a location where consumers can be expected to look or hear?

    • D. 

      Is the information in close PROXIMINTY to the claim it qualifies?

    • E. 

      Is the notice PRETTY?

  • 6. 
    Consumer complaints play a key role in the detection of unfair, deceptive, or abusive practices. 
    • A. 

      True

    • B. 

      False

  • 7. 
    Although abusive acts also may be unfair or deceptive, the legal standards for abusive, unfair, and deceptive each are separate.
    • A. 

      True

    • B. 

      False

  • 8. 
    Marketing and disclosure are being checked for compliance and for the following:
    • A. 

      All representations are factually based

    • B. 

      All materials describe clearly, prominently and accurately terms of product

    • C. 

      All materials are eye-catching

    • D. 

      Disclosure of fees, penalties, other charges

  • 9. 
    NAM conducts periodic evaluations or audits to check whether employees or third parties follow NAM's training and procedures and has a disciplinary policy in place to deal with any deficiencies.
    • A. 

      True

    • B. 

      False

  • 10. 
    Performance evaluation can include criteria for sales personnel based on sales volume, size, terms of sale, or account performance.
    • A. 

      True

    • B. 

      False

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