Finance and mortgage brokers

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FNS40815­_ FNSFMB402 Assessment 3 Answers
FNSFMB402 Identify client needs for broking services
Unit Description This unit describes the skills and knowledge required to determine clients’ finance broking requirements and explain capabilities, legal and compliance related issues so clients are aware of their rights.
Learning Outcomes By the end of this unit, students will be able to:
Educate clients and build rapport
Determine clients’ existing financial situation
Determine client goals and priorities with respect to broking services
Prepare necessary documentation follow up
Activity 1
Identify and explain the scope of three external dispute resolution schemes approved by ASIC for the financial services sector.
Activity 1 Answer
Activity 2
What are the main differences, from a purchaser’s point of view, of acquiring a property through private sale and through an auction?
Activity 2 Answer
Activity 3
Explain how the mortgage franchisee system operates in Australia.
Activity 3 Answer
Activity 4
Explain why age is an important determinant in approving home loans.
Activity 4 Answer
Activity 5
Explain how a reverse mortgage works, including assessing some of the risks.
Activity 5 Answer
Activity 6
Finance and mortgage brokers are required to take reasonable steps to verify information provided by a client. What does reasonable mean in this context?
Activity 6 Answer
Activity 7
What sort of records must a finance/mortgage broker keep with regard to personal advice provided to clients?
Activity 7 Answer
Activity 8
How must personal information be stored to comply with the requirements of the Privacy Act?
Activity 8 Answer

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