Unit 12 Quiz
pdf
keyboard_arrow_up
School
TAFE NSW - Sydney Institute *
*We aren’t endorsed by this school
Course
40815
Subject
Information Systems
Date
Dec 6, 2023
Type
Pages
9
Uploaded by JusticeJellyfishMaster9125
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
1/9
Home
/
My courses
/
FNS40815-Cert IV
/
Appendix A - Assessments
/
Unit 12 Assessment Task
Started on
Thursday, 27 August 2020, 1:01 PM
State
Finished
Completed on
Thursday, 27 August 2020, 1:36 PM
Time taken
34 mins 30 secs
Grade
13
out of 15 (
87
%)
Feedback
Well done
Question
1
Correct
Mark 1 out of 1
For an organisation to ensure their representatives deal with clients professionally and ethically
there must be established standards for them to follow. These are the rules and standards a
company specifies that their representatives must follow at all times. These guidelines are
commonly called
Select one:
a. Policies and procedures
b. Recommended practices
c. Best practice rules
d. Preferred client outcomes
Your answer is correct.
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
2/9
Question
2
Correct
Mark 1 out of 1
It is important for brokers to remember that the most powerful ‘offering’ you can provide to third
party referrers is reciprocal leads. Brokers must be aware during the sales process of client
needs for other services and make referrals if they can. The best way to do this is for the broker
to:
Select one:
a. Tell the client about the referral and let them call in their own time
b. Provide written details of the referral source and a contact number
c. Include the referrer in all correspondence to the client
d. Where possible personally introduce the client to the referrer
Your answer is correct.
Question
3
Correct
Mark 1 out of 1
A client mentions to their broker during their meeting that they love wine.
Which one of the
following would be an example of a ‘Magic Moment’?
Select one:
a. When a client agrees to use you as their broker
b. When a loan settles for your client
c. When you send a bottle of wine to your client the day after settlement of their loan
d. When a real estate agent rings you to say he has a new client for you
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
3/9
Question
4
Incorrect
Mark 0 out of 1
Brokers should have strategic alliances with various partners as long as they have the ability to
make referrals to those parties. Strategic alliances do not work unless referrals can be made.
Bearing this in mind, how many referral partners should a broker support?
Select one:
a. Unlimited
b. No more than four
c. Only as many as they can refer back to
d. One from each category
Your answer is incorrect.
Question
5
Correct
Mark 1 out of 1
A major source of third-party referrers may be your existing clients. They have dealt with or may
deal with other professionals during the loan process that may assist you in the future. To make
the contact relative it is best to use the client’s name so accordingly a broker should:
Select one:
a. Ring their referral source in their presence
b. Seek their permission to use their name in the call
c. Call their referral source but do not refer to the client
d. Cold call their referral source in person
Your answer is correct.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
4/9
Question
6
Correct
Mark 1 out of 1
There is no doubt that over the past several years that much legislation has changed that
affects the way financial services companies must conduct business. Organisational policy and
procedures should be developed, must incorporate professional standards and must be mindful
of legislative, regulatory and professional codes of practice. Which of the following
best
describes
how services provided by a mortgage broker must be overall:
Select one:
a. In the overall best interests of the broker
b. True, fair and reliable and in the best interests of the client
c. Exactly in accordance with the aggregator/franchisor rules and regulations
d. Developed in cooperation with the lenders
e. To avoid any blemish on the broker's licence
Your answer is correct.
Question
7
Incorrect
Mark 0 out of 1
Some brokers find that a good marketing technique is to do letterbox drops of marketing
material.
However some brokers only do one letterbox drop and if they don’t get instant results
do not do any more.
How many letterbox drops need to be done to be considered successful?
Select one:
a. Up to ten
b. As many as possible
c. Five or six
d. Up to twenty
Your answer is incorrect.
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
5/9
Question
8
Correct
Mark 1 out of 1
The basis of a good strategic alliance should be that you provide as much to your alliance
partner as you receive in return. People do business with people, so personal relationships are
crucial to strategic alliances working effectively. Which of the following is not a key to
maintaining an alliance?
Select one:
a. The relationship being totally dependent on monetary referral payments
b. Providing outstanding customer service to referrals
c. Promoting the alliance partner with your customers
d. Setting agreed service outcomes between the referrer partners
e. Keeping referrers fully informed of referral outcomes
Your answer is correct.
Question
9
Correct
Mark 1 out of 1
Complete the following sentence by adding the missing words:
The
of establishing a vast
is that the better people
understand what you do, the more likely they will
new clients to you.
Your answer is correct.
advantage
network
refer
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
6/9
Question
10
Correct
Mark 1 out of 1
A good marketing strategy is after attending an event where you have spoken with a number of
people, you should enter the information you have gathered (like people’s interests, hobbies,
problems, etc). into a database of some kind for future use. Which of the following would a
broker
not
do?
Select one:
a. Build the database for future reference
b. Share the database with other referrers
c. Arrange a meeting with the referral source ASAP
d. Send clients cards on significant dates
Your answer is correct.
Question
11
Correct
Mark 1 out of 1
Good brokers should form many alliances with strategic partners. A strategic alliance is a
deliberate and systematic relationship with a complimentary business for the mutual benefit of
both parties. Which of the following is not generally recognised as a good strategic alliance?
Select one:
a. Real estate agent
b. A solicitor/conveyancer
c. A financial planner
d. An office supplies company
Your answer is correct.
activities
memorable
spontaneous
referral
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
7/9
Question
12
Correct
Mark 1 out of 1
Establishing a network may be very beneficial to a broker to help establish or maintain a
successful mortgage broking business. There are generally considered to be five steps in
establishing a network.
Which of the following is incorrect?
Select one:
a. Make a list of your existing network
b. Only list those with potential
c. Identify networking opportunities
d. Attend ‘trial’ meetings or networking functions
e. Commit to regular attendance
Your answer is correct.
Question
13
Correct
Mark 1 out of 1
Another sound marketing practice is for a broker to join or establish a network group with
common interests to themselves. Insert the missing words in the following sentence:
An established network allows you to enjoy
, which will provide access
to invaluable
, such as fresh ideas, relevant information, quality
, business opportunities, referrals and
.
Your answer is correct.
relationships
resources
advice
support
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
8/9
Question
14
Correct
Mark 1 out of 1
Brokers will experience many different styles of customers and may have to change their
approach to dealing with the different types. No one type of client is better than the other, they
are just different. Which of the following is not a usual customer style?
Select one:
a. Dominant
b. Passive
c. Influencing
d. Supportive
e. Controlling
Question
15
Correct
Mark 1 out of 1
Complete the following sentences by inserting the correct words:
A proven marketing success can be the use of ‘Magic Moments’. ‘Magic Moments’ are small
actions or
in a mortgage broking transaction that make it a
experience for the client. Magic moments should be regular activities but may be
if the opportunity arises. Make service memorable and watch your repeat and
business skyrocket.
Your answer is correct.
◄ Unit 11 Assessment Task
8/27/2020
Unit 12 Assessment Task
https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181575&cmid=2699
9/9
Jump to...
Exercise 1 – phone script ►
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help