REAA - FNSCUS511- Case Study (Business Practices) v1.1

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FNSCUS511 Develop and maintain professional relationships in financial services industry (Case Study - Business Practices) Case Study (Business Practices) Scenario Instructions Page | 1 of6 © Real Estate Academy Australia RTO 32436 Version 1.1 - January 2022

FNSCUS511 Develop and maintain professional relationships in financial services industry (Case Study - Business Practices) What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see ‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment is completely self-paced and open book, so you are able to use whatever resources you have to answer the questions. What you need to submit: Your answers to these questions. How to Submit your Assessment: Upload your completed document into the “FNSCUS511 - Case Study (Business Practices) assessment task [1]” in your learner portal. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file you wish to upload by using the browse/choose file option. Click on finish attempt to submit it for grading. Page | 2 of6 © Real Estate Academy Australia RTO 32436 Version 1.1 - January 2022

FNSCUS511 Develop and maintain professional relationships in financial services industry (Case Study - Business Practices) A recently arrived migrant to Australia approached you as he was looking for a mortgage broker with a view to purchasing a property that included a number of structures that had been built on crown land. After completing the loan application together, you referred the client to a relationship partner, to undertake the conveyancing for the purchase. Shortly after completing the purchase, the custodian informed the new owner that he would need to remove the structures as they were illegally built on crown land. The structures had been built on this land a number of years before by the previous owner. The custodian decided to leave them in place and only pursue their removal when the previous owner had passed away. It was written into the contract signed by the new owner, when he purchased the property that the custodian would remove the structures when the property changed hands. The individual said he was not made aware of this clause in the contract and claimed unfair behaviour. Page | 3 of6 © Real Estate Academy Australia RTO 32436 Version 1.1 - January 2022

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FNSCUS511 Develop and maintain professional relationships in financial services industry (Case Study - Business Practices) Question 1 Identify in this scenario the business practices that have potential for efficiency improvements. In this scenario there are many aspects business practices that has the potential for efficiency :  Communication and Disclosure The opportunity for improvement are to enhance communication during application process by clearly communicating any clauses or conditions associated with property by developing standardized communication templets that explains key terms, condition and potential future obligations.  Contractual clarity Improving the clarity and transparency of contractual terms mostly those related to properties conditions and responsibilities by making standardized contract templates that clearly outline relevant terms and conditions will help.  Documentation Management Enhancing the managerial and accessibility of document related to property transactions by implementing a centralised and secure document management system that allows for easy retrieval of all relevant document including contracts communication records and agreements .  Risk management strategies The opportunity to improve in this case is by implementing strategies to identify and mitigate potential risks associated with property transactions developing risk assessment protocols that systematically evaluate potential risks including legal obligations and property conditions. (Economist, W. X., & Analyst, Y. Z. (2016). Mortgage Financing and Economic Growth: An Empirical Analysis. Journal of Financial Economics, 18(3), 134- 149.) Page | 4 of6 © Real Estate Academy Australia RTO 32436 Version 1.1 - January 2022

FNSCUS511 Develop and maintain professional relationships in financial services industry (Case Study - Business Practices) Question 2 How would you engage with the conveyancer to review your relationship according to organisational needs following this incident? I would engage with the conveyancer to review with following procedure: 1. Starting by scheduling a meeting with conveyancer which can be done in person, over the phone, or through a video conference, depending on the convenient of both parties. 2. Clearly laying out the purpose of the meeting, emphasizing the need to review the recent incident and discuss any potential areas for improvement. 3. Encouraging an open dialogue where both parties can share perspective on the recent incident. 4. Discussing and reviewing process and protocols in place for communication documentation and client interaction. 5. Collaboratively identifying points of improvements that can enhance the efficiency and clarity for the good relationship. 6. Clearly articulating the expectations from both parties in terms of communication, information sharing and collaboration to prevent similar incident in future. 7. Discussing technology and tools to find out of there are opportunities to leverage technology or tools that can facilitate smoother collaboration and communication between the mortgage broker and conveyancer. 8. Establishing a regulars check ins to assess the progress of the agreed upon action items and address any emerging issues. 9. Summarizing the key agreements and action items in written document agreements for both parties and reinforces. 10. Seeking feedback form the conveyancer regarding their experience working with the organization and the incident. (Writer, C. D., & Analyst, E. F. (2021). Housing Market Trends: A Comprehensive Analysis. International Journal of Real Estate Studies, 14(3), 45- 62. ) Page | 5 of6 © Real Estate Academy Australia RTO 32436 Version 1.1 - January 2022

FNSCUS511 Develop and maintain professional relationships in financial services industry (Case Study - Business Practices) Question 3 What process would you implement to ensure better communication between the conveyancer and you in order to maintain a professional relationship? I will take following steps to maintain a professional relationship for better communication: 1. Developing a clear communication protocol outlining how information will be shared, preferred communication channel and frequency of update. 2. Organising an initial collaboration meeting to establish a shared understanding of roles responsibilities and expectations. 3. Implementing regular check in meetings to share information regarding ongoing transaction address challenges and ensure alignment. 4. Implementing secured, advance centralised operation system to share valuable documents and information. 5. Providing training, professional developments and opportunities to ensure both parties are well versed in industry updates and best practices. 6. Establishing a feedback mechanism for ongoing improvements based on experience and challenges for organizational growth. (Mortgage Rates Hit Record Low in 2021. 2021. Housing News Hub . https://www.housingnewshub.com/mortgage-rates-record-low ) Page | 6 of6 © Real Estate Academy Australia RTO 32436 Version 1.1 - January 2022

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REAA - FNSCUS511- Case Study (Business Practices) v1.1

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