Great question — answering as the UphillTech team:
Exposure is more a feeling that there is nothing below you in the event of a fall rather than a steepness. A trail that was level as it winds its way around a mountain but has a 1500 ft drop off on one side would be considered exposed, while Class 3 moves up a slope might not be depending on the person. Here is a picture of the narrows on the Long's peak trail, Source Notice how the trail is mostly level, and yet there is a dropoff right there. Or see this one of the trail to Angel's landing with a railing, Source It doesn't depend on the footing or the length of the trail because you can have good footing or a very short section of exposure. There are rock climbs where you go from no...
Full answer by Charlie Brumbaugh: https://outdoors.stackexchange.com/a/20306 (CC BY-SA 4.0).
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