Udaap Final Quiz
Final quiz to determine what you have learned about UDAAP.
- 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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