FNSFMB512 - Short Answer Questions v1.0

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Swinburne University of Technology *

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Feb 20, 2024

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FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Short Answer Questions Short Answer Questions Page | 1 of 7 © Real Estate Academy Australia RTO 32436 Version 1.0 - May 2022

FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Short Answer Questions 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 self-paced and open book, so you can use whichever resources you have to answer the questions. What you need to submit: Your completed Short Answer Questions. How to Submit your Assessment: Upload your completed document into your learner portal following the instructions provided within the assessment task. 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 of 7 © Real Estate Academy Australia RTO 32436 Version 1.0 - May 2022

FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Short Answer Questions Question 1 List and define the three steps involved in a Risk Assessment according to the Australian and New Zealand Standard AS/ANZ ISO 31000:2009 Risk Management- Principles and Guidelines. Click or tap here to enter text. Question 2 You are to develop recommendations on risk management strategies based on the case studies below: Scenario Risk management strategy chosen Recommendations Marie wants to enter the property market but is worried that the recent pandemic crisis will soon bring with it a great inflation and in turn, causing the interest rates to rise. This will cause her to not to be able to budget for her home loan and experience a tighter financial situation. Click or tap here to enter text. Click or tap here to enter text. Marie’s parents would like to help her getting into her first home by offering their home as extra security (Guarantee) to lower the LVR. However, they are concerned that the family home could be repossessed if Marie ever struggles to repay her loan, and they are not in a position to repay the whole debt on her behalf should that occurs. Click or tap here to enter text. Click or tap here to enter text. Xavier just bought a Click or tap here to enter Click or tap here to enter Page | 3 of 7 © Real Estate Academy Australia RTO 32436 Version 1.0 - May 2022

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FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Short Answer Questions brand-new BMW and do not want to bear the risks of a wrecked car and the fact he would still need to keep up with the finance repayment should a road accident happen. text. text. Question 3 According to AFCA Detailed Complaint Resolution Process, when a complaint is lodged and involves Financial Difficulty, who is to review the complaint and make a decision if either party rejects AFCA preliminary assessment? Click or tap here to enter text. Question 4 In response to which recommendation from the Royal Commission Final Report was the legislation to create the Best Interests Duty Obligations passed by the Government? Click or tap here to enter text. Question 5 Explain in your own words the main difference between chattel mortgage and chattel lease. Click or tap here to enter text. Question 6 Explain why it has become more challenging to find lenders agreeing to lend for contaminated sites or properties near noxious industries. Page | 4 of 7 © Real Estate Academy Australia RTO 32436 Version 1.0 - May 2022

FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Short Answer Questions Click or tap here to enter text. Question 7 What rights do native titles include? Can they be sold or freely transferred? Click or tap here to enter text. Question 8 Discuss two reasons why it can be challenging to get a mortgage loan for a heritage listed property. Click or tap here to enter text. Question 9 Briefly explain the structure of a Self-Managed Super Fund (including members, SMSF trust and trustee and Bare Trust and trustee). Which entity can apply for a mortgage for a SMSF to purchase a real estate property? Click or tap here to enter text. Question 10 Describe the main risks that the following types of mortgages bring with them that could potentially affect the applicant’s eligibility to the loans: Type of mortgages Risks Page | 5 of 7 © Real Estate Academy Australia RTO 32436 Version 1.0 - May 2022

FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Short Answer Questions Reverse mortgages Click or tap here to enter text. Rural land mortgages Click or tap here to enter text. Question 11 Why do mortgage brokers need to stay on top of new and non-standard products and what are the methods they should use to gather information about these? Click or tap here to enter text. Question 12 a) Complete the following table: Risks Definitions Keys risk issues/types Borrowing risk Click or tap here to enter text. Click or tap here to enter text. Negative gearing Click or tap here to enter text. Click or tap here to enter text. Economic risk Click or tap here to enter text. Click or tap here to enter text. Bank runs Click or tap here to enter text. Click or tap here to enter text. Page | 6 of 7 © Real Estate Academy Australia RTO 32436 Version 1.0 - May 2022

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FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Short Answer Questions Fixed Interest Rate Click or tap here to enter text. Click or tap here to enter text. Volatility of income and capital Click or tap here to enter text. Click or tap here to enter text. b) Explain how the interdependencies in the financial industry and their implications could potentially lead to a Financial Crisis. Illustrate your answer with an example. Click or tap here to enter text. Question 13 Define what is the Risk-Return Trade Off and its impact on the risk tolerance & return expectations of a client. Click or tap here to enter text. Question 14 Provide two potential reasons why a mortgage broker could be unable to successfully meet a client’s goals and objectives. Click or tap here to enter text. Page | 7 of 7 © Real Estate Academy Australia RTO 32436 Version 1.0 - May 2022

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