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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:
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Activity 1
Identify and explain the scope of three external dispute resolution schemes approved by ASIC for the financial services sector.
Activity 1 Answer
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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
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Activity 3
Explain how the mortgage franchisee system operates in Australia.
Activity 3 Answer
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Activity 4
Explain why age is an important determinant in approving home loans.
Activity 4 Answer
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Activity 5
Explain how a reverse mortgage works, including assessing some of the risks.
Activity 5 Answer
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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
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Activity 7
What sort of records must a finance/mortgage broker keep with regard to personal advice provided to clients?
Activity 7 Answer
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Activity 8
How must personal information be stored to comply with the requirements of the Privacy Act?
Activity 8 Answer
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