Unit 11 Quiz
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TAFE NSW - Sydney Institute *
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Course
40815
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Information Systems
Date
Dec 6, 2023
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Pages
9
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8/27/2020
Unit 11 Assessment Task
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Appendix A - Assessments
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Unit 11 Assessment Task
Started on
Thursday, 27 August 2020, 11:02 AM
State
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Completed on
Thursday, 27 August 2020, 11:35 AM
Time taken
32 mins 42 secs
Grade
11
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Question
1
Correct
Mark 1 out of 1
Assume you are a broker about to advertise your services in a particular print medium. You like
to keep it big and bold to attract attention. From a compliance point of view, which of the
following would not be considered to be “risky advertising”?
Select one:
a. “no interest* but fees apply?” (and in small print *conditions apply")
b. “switch your loan to us and we’ll save you $30,000 over the next 5 years”
c. “we’ll save you money if you switch”
d. “we don’t charge fees”
e. “let us choose a home loan that suits you”
f. “we offer impartial advice”
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Question
2
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In almost all cases a client will have many questions and concerns regarding the loan process.
How many questions they ask usually depends on what?
Select one:
a. The level of the client’s financial understanding or experience
b. The size of the loan
c. Anecdotal evidence the client has picked up through news or social media
d. The level of input from friends and relatives
Your answer is incorrect.
Question
3
Correct
Mark 1 out of 1
A Fact Find document is a crucial part of a broker’s role and indeed is recommended under
responsible guidelines to be completed in all cases. The Fact Find document is also a script for
a broker to follow when interviewing clients for the first time. Which of the following information
is not crucial in the borrowing decision?
Select one:
a. Salaries including overtime bonuses and commissions
b. Daily/weekly/monthly/quarterly/annual living expenses
c. Current borrowing activity
d. The number and type of insurance policies held by the client
Your answer is correct.
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Question
4
Correct
Mark 1 out of 1
When a broker deals with a client there may sometimes be negative feedback from the client
regarding what the broker says.
The clients may not be happy with the product chosen, the
fees, the process, the number of forms, the personal nature of some of the questions, etc.
In
some cases the client may not be totally happy with the process and in such instances the
broker should re-assure the client with a response such as: (select one)
Select one:
a. “Don’t worry about that”
b. “We will address that issue later”
c. “All will eventually be revealed”
d. “Allow me to explain in detail”
Your answer is correct.
Question
5
Correct
Mark 1 out of 1
There is a growing trend amongst borrowers to use the services of a broker rather than
applying for a loan by directly approaching a bank or other type of lender. There may be many
reasons for doing this but a broker can significantly improve the process by:
Select one:
a. Providing a comprehensive brochure on their services and telling prospective clients
what a broker can do for them
b. Telling as many people as possible how difficult banks/lenders are to deal with on your
own
c. Pointing clients to the MFAA/FBAA websites
d. Encouraging clients to read the ASIC website
Your answer is correct.
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Question
6
Incorrect
Mark 0 out of 1
As opposed to irritating clients by introducing cross-sell products during the interview process
most clients appreciate being made aware of other products that may complement their new
loan. Which of the following "products" would not be recommended in this process?
Select one:
a. Financial planning
b. Insurance services
c. Asset finance (e.g. car loans)
d. Building renovation services
Your answer is incorrect.
Question
7
Correct
Mark 1 out of 1
Credit Representatives are required to be a member of an ASIC-approved EDR scheme such
as AFCA.
What does the E stand for in EDR?
Select one:
a. Exterior
b. External
c. European Union
d. Extra
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Unit 11 Assessment Task
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Question
8
Correct
Mark 1 out of 1
A broker must always act in the client’s best interests. Accordingly, it is important that a broker
provides the client with a full understanding of what a broker does. Which of the following is not
a correct process for a broker to advocate?
Select one:
a. Provide a flyer on the broking services offered for the client to read at their leisure
b. Explain in detail to the client what a loan process entails
c. Advise the client of the broker/aggregator/franchisor website/s which contains a
detailed description of the process
d. No information required - the client would understand what a broker does – that’s why
they called them
Your answer is correct.
Question
9
Incorrect
Mark 0 out of 1
It is a strong recommendation that brokers stay in touch with their clients regularly as it is a
truism that it is easier to have clients use your services again, as you have stayed in touch, than
to find new clients. How often should you (as a minimum) contact your existing clients?
Select one:
a. Once annually
b. On significant occasions e.g. Birthdays, Christmas, etc.
c. Every 60 days (including significant dates)
d. Bi-annually
e. Not necessary as the good client will call if they require assistance
Your answer is incorrect.
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Question
10
Correct
Mark 1 out of 1
A broker could maximise their income by selling additional products or services to the client, as
long as the client has a need for the additional service. This can usually be gauged from the
Fact Find or incidental questioning regarding other services. To maximise the success of these
cross-selling opportunities which of the following would be the most appropriate time to
introduce the proposed cross-sell?
Select one:
a. Immediately prior to the formal interview process
b. Immediately following the formal interview process
c. During the interview process
d. Organise a unique meeting to discuss the cross sell
Your answer is correct.
Question
11
Correct
Mark 1 out of 1
Most aggregators/franchisors will encourage mortgage brokers to advertise their businesses to
promote borrowing activity. However, it is important that a broker checks with their
aggregators/franchisors prior to placing advertisements to make sure that what they are posting
will not cause issues. Which of the following words may a broker use in advertising?
Select one:
a. Our recommendations are“
Impartia
l”
b. Our service to you is “
Free
” although other fees may apply
c. Our recommendations are
“Unbiased”
d. We are “
Independent
” brokers
Your answer is correct.
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Question
12
Correct
Mark 1 out of 1
A natural way for a broker to gain rapport with a client is to completely address all their
concerns so there is absolutely no doubt in their mind as to why you are placing them in the
product you have chosen and the process you are undertaking. There are usually 3 types of
concerns.
Which of the following is not one of them?
Select one:
a. Sincere concern
b. Frivolous concern
c. Insincere concern
d. Hidden concern
Your answer is correct.
Question
13
Correct
Mark 1 out of 1
Sponsorship is another effective marketing tool for mortgage brokers to pursue in their local
area. There are many opportunities to provide sponsorship such as supporting local junior
sporting teams, common interest clubs, church groups, etc.
To maximise the sponsorship, it is important that the broker does which of the following:
Select one:
a. Becomes personally involved with the chosen group
b. Insist the sponsored players hand out brochures to their opposing players
c. Changes the broker’s corporate colours to the colours of the sponsored group
d. Ensure the broking team always wears the sponsored apparel
Your answer is correct.
8/27/2020
Unit 11 Assessment Task
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Question
14
Incorrect
Mark 0 out of 1
Testimonials (particularly from existing clients) are very popular with new clients who are
reassured by words from previous clients. A broker should attempt to acquire as many
testimonials as possible. There are several rules about testimonials the brokers should follow.
Which of the following is incorrect?
Select one:
a. A handwritten testimonial may be re-typed for ease of reading for new clients
b. If possible, a testimonial should have the contact details of the person providing the
testimonial
c. It is in order to compose favourable testimonials as borrowers seldom check
d. Testimonials from non-clients are rarely as effective as testimonials from previous
borrowers
Your answer is incorrect.
Question
15
Correct
Mark 1 out of 1
One marketing strategy for mortgage brokers is to “cold call” (by phone or in person)
prospective referral sources or prospective clients. A “cold call” is one where:
Select one:
a. A phone or personal call is made only from April to September
b. No previous contact has been made, either in person or by phone with the contact
c. A phone call is made for the first time to a person whose business card you collected at
a business function
d. A visit is made for the first time to a person whose address you obtained from a
business card they gave you
Your answer is correct.
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