Unit 10 Assessment Quiz: Key Concepts in Mortgage Brokerage

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 1/11 Home / My courses / FNS40815-Cert IV / Appendix A - Assessments / Unit 10 Assessment Task Started on Thursday, 27 August 2020, 10:30 AM State Finished Completed on Thursday, 27 August 2020, 10:53 AM Time taken 22 mins 58 secs Grade 16 out of 20 ( 80 %) Feedback You have not reached 85% pass rate. Please revisit the Unit and try this quiz again Question 1 Correct Mark 1 out of 1 Privacy should be a matter of great concern for mortgage brokers. For example, it is important to recognise the privacy issues regarding discussing client proposals on mobile phones when other people are within hearing distance. Referring to the summary in Appendix 11, match the following principles with the APP Privacy Principle number: APP 6 Use or Disclosure of Personal Information  APP 11 Security of Personal Information  APP 13 Correction of Personal Information  Your answer is correct. Circumstances in which held personal information may be used or disclosed Reasonable steps are taken to protect personal information held from misuse, interfer Obligations in relation to correcting the personal information it holds about individuals

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 2/11 Question 2 Correct Mark 1 out of 1 Brokers and teams need to set themselves Key Performance Indicators against which they can measure their business. Which of the following is not generally considered a Key Performance Indicator? Select one: a. Number of marketing calls per month b. Number of loans submitted per month c. Number of loans approved per month d. Petrol usage per 100km of your car  Question 3 Correct Mark 1 out of 1 Efficient mortgage brokers use a diary (either electronic or hard copy) to maintain effectiveness in managing work priorities and commitments. Which of the following is not considered a usual diary entry? Select one: a. Client appointments b. Your pet's birthday  c. Wedding anniversary d. Aggregator training session e. Doctor’s appointment Your answer is correct.

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 3/11 Question 4 Correct Mark 1 out of 1 Team leaders must ensure their personal work goals, plans and activities reflect the organisation’s plans, responsibilities and accountabilities. Which of the following is not considered a required skill? Select one: a. Showing empathy b. Having good communication skills c. Having good job requirements knowledge d. Having good product and process knowledge e. Having good handwriting skills  Your answer is correct. Question 5 Correct Mark 1 out of 1 Business goals have no associated passion to drive us to succeed unless they are directly linked to personal goals. Which of the following would not be considered a personal goal related to business? Select one: a. Interview more clients b. Increase number of marketing calls c. Complete more settlements d. Lose five kilos  Your answer is correct.

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8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 4/11 Question 6 Correct Mark 1 out of 1 Mortgage brokers who use their  effectively know what activities they want to accomplish, the best  to tackle the activities and when they want to  those activities. Your answer is correct. Question 7 Correct Mark 1 out of 1 Business and marketing planning are crucial to the success of individual or company workplaces. Failing to plan means planning to fail. Which of the following is not included in a typical Business/Marketing plan? Select one: a. Number of marketing calls per month b. Number of loans submitted per month c. Number of loans approved during the month d. Number of interviews conducted per month e. Number of lender BDM visits per month  f. Amount of time spent on CPD activities g. Expense reconciliations Your answer is correct. time order complete

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 5/11 Question 8 Correct Mark 1 out of 1 Lenders watch loan submissions carefully and monitor broker inputs closely. Brokers who continually submit high quality loan submissions to the lenders may get what from the lenders? Select one: a. Accumulated reward points b. Their loan submissions receiving priority assessment  c. Their loan clients receiving priority interest rates d. Accumulated congratulatory endorsements to use in marketing e. Bonus commissions on every 10 loans submitted Your answer is correct. Question 9 Incorrect Mark 0 out of 1 Brokers have an array of help devices (e.g. comparison software) to assist them. However, they should assess their personal knowledge and skills against competency standards to determine development needs, priorities and plans on a regular basis. Which of the following would most assist with this process? Select one: a. Facebook reviews  b. Aggregator surveys c. Lender surveys d. Quantity of settled loans e. Client surveys Your answer is incorrect.

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 6/11 Question 10 Correct Mark 1 out of 1 There are many methods for a broker to present various scenarios when assessing a client’s needs for the correct loan product. The most effective of these tools may be: Select one: a. The aggregator’s comparison software  b. The lender’s serviceability calculators c. The lender’s loan product website pages d. Aggregator loan product update emails e. A broker’s own Excel spreadsheets with calculations and own formulas Your answer is correct. Question 11 Correct Mark 1 out of 1 Should a broker wish to specialise in a particular field of lending it is important they identify, evaluate, select and use development opportunities suitable to personal learning style/s to develop competence. Which of the following would not be considered a specialist field for a residential broker? Select one: a. Construction loans b. First home buyer loans c. Investment loans d. Pay-day loans  Your answer is correct.

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8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 7/11 Question 12 Incorrect Mark 0 out of 1 CPD can be best described as a commitment to being professional, keeping up to date and continually seeking to improve. Professional organisations such as MFAA and FBAA require an annual commitment to CPD. ASIC as part of their license requirement, require how many hours CPD hours/points per year? Select one: a. 25 b. 20 c. 30  d. 50 e. Nil, if already operating as a Credit Representative Your answer is incorrect. Question 13 Correct Mark 1 out of 1 A popular misconception is that when creating a client feedback survey, the more questions you ask the more thorough the response will be. What is approximately the correct number of questions that should be asked of the clients? Select one: a. 10 b. 12 c. 4  d. 9 Your answer is correct.

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 8/11 Question 14 Correct Mark 1 out of 1 Fill in the missing words: Should a broker be in a  environment, they will need to see how the organisation’s business plan and  plan affect their own responsibilities and  within that plan. Your answer is correct. Question 15 Correct Mark 1 out of 1 To ensure the correct usage of equipment necessary for the efficient operation of a business most companies have policies and procedures in place to ensure the correct usage of such equipment. Which of the following would not generally have a policy or procedure outlining its usage? Select one: a. Ash pan and broom  b. Mobile phone usage c. Emails and intranet d. Photocopier usage Your answer is correct. team marketing accountabilities family families

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 9/11 Question 16 Incorrect Mark 0 out of 1 Most people have a preferred learning style, some may have more than one, but it is generally recognised that there are three main learning styles. Which of the following is not generally considered one of the three? Select one: a. Visual b. Auditory c. Buddy system d. Kinesthetic  Your answer is incorrect. Question 17 Correct Mark 1 out of 1 All professional bodies in accordance with ASIC requirements ask brokers to complete CPD hours/points each year. For MFAA members what is the required number of hours commitment? Select one: a. 30  b. 25 c. 20 d. 40

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8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 10/11 Question 18 Incorrect Mark 0 out of 1 Procrastination is a common problem experienced by most people who are confronted by tasks they are asked to or must complete. The psychology of procrastination is generally typified by four major causes. Which of the following is not one of the usual four issues? Select one: a. Forced task b. Holistic task c. Unusual task d. Perfectionism  e. Deprivation Your answer is incorrect. Question 19 Correct Mark 1 out of 1 Brokers must plan daily tasks and the most efficient way to do this is to use a diary (electronic or hard copy). There are some entries brokers forget to include. Complete the following sentence by filling in the missing words. Start writing down all important  events. The majority of mortgage brokers take care of their clients, but forget that their  need attention also. Your answer is correct.

8/27/2020 Unit 10 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181563&cmid=2695 11/11 Question 20 Correct Mark 1 out of 1 Time management consists of both discretionary time and response time. Discretionary time is what a broker has control over while response time is generally something they cannot control. Which of the following best represents response time? Select one: a. A loan settlement date  b. CPD activities c. Marketing calls d. Loan document filing Your answer is correct. ◄ Unit 9 Assessment Task Jump to... Unit 11 Assessment Task ►

Unit 10 Quiz

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