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Part 3: Oral response to questions
Make a 10 minute recording of yourself answering the following questions. Before you start make sure you have read the resources in your subject in KapLearn to assist you with your oral assessment by audio recording. Leave the second column blank so you assessor can record a summary of your oral responses. You will need to rehearse your responses before the oral assessment, to ensure that your responses are within the maximum time frame.
(Note: A volunteer is not required to complete these questions.)
Questions Summary of oral response (assessor only)
1. You own a broker business named XYZ Brokers and employ five staff — two additional brokers and three staff in support roles. Your support staff assist both you and your additional two brokers in processing loans. They also liaise with lenders and other parties on loan matters.
As a business owner, you are concerned that XYZ Brokers is not achieving the maximum potential it could. You want to make improvements to the business’s performance to assist in its growth. This will involve some research and setting out a plan for the future.
Describe how you would
• gain an understanding of the strengths and opportunities for your business
• identify the weaknesses and threats to the business
• obtain benchmarking data to assist with your review of the existing performance of your business
• develop a plan for improvement and growth, and who you would involve or consult
• implement and monitor the progress.
2. One of the initiatives coming from your review of the business is to develop and grow additional business and networking relationships, while always being aware of the legislative, regulatory and professional codes of practice that must be followed.
What are some of the actions your team would take to:
• expand your referral network
• build and maintain professional business relationships
• expand and enhance your business’s reputation in the marketplace while always adhering to client privacy requirements, governing laws and industry codes of practice.
3. You have developed concerns lately over your staffs’ ability to complete work efficiently and effectively. They seem to put in a lot of hours, but at times you have discovered staff working on tasks that have already been started or completed by someone else.
Describe the actions you need to take to improve the performance of the team, their outputs and, at the same time, create more team harmony. In your answer you might consider the following:
• How would you go about a review of work allocations and who would you involve in the process?
• What record of job roles would need to be developed and implemented?
• How would you monitor individual and team performances?
• How you would reward excellent individual and team performances?
4. You consider staff development an important part of your role and you take pride in seeing staff develop and advance to new roles.
Describe how you would:
• identify development and training needs of staff
• manage a non-performing staff member
• terminate a staff member who is performing poorly, if their performance does not improve.
5. As a business owner, team leadership is a big part of running a successful business. Essentially, you are responsible for:
• leading by example
• enhancing the image and profile of the business
• encouraging staff to participate in decision-making for their own growth
• monitoring business and individual performances.
Describe how you would deal with and prioritise each of the above responsibilities in your role as a business owner of XYZ Brokers, in order to build a successful business.
6. Running your own successful business can be rewarding. But it does come with risk.
All successful businesses identify and manage these risks by adopting a Risk Management Strategy, as well as processes to manage these risks. You understand that you will require help from others in formulating your Risk Management Strategy.
• how you would analyse and document the various risk exposures in your business
• who will be the key stakeholders that you would involve in identifying the risks and formulating a Risk Management Strategy
• how you would effectively liaise and communicate with stakeholders
• how you will keep these stakeholders informed at each stage of the process and obtain their commitment to assist in management of the identified risks.
Assessor checklist — oral responses to questions
Your assessor will complete the checklist for your oral response to each question Demonstrated or Not yet demonstrated
1 Describes strengths and opportunities of a business Not yet demonstrated
Provides an understanding of how to improve and grow a business Not yet demonstrated
2 Demonstrates an understanding of how to build and maintain business relationships Not yet demonstrated
3 Describe the actions you need to take to improve the performance of the team Not yet demonstrated
4 Demonstrates an understanding of how to develop staff within a business Not yet demonstrated
Demonstrates an understanding of effective ways to manage staff within a business Not yet demonstrated
5 Describes how to deal with and prioritise responsibilities of a business owner Not yet demonstrated
6 Demonstrates an understanding of the risks associated with owning a successful business and how to implement a risk management strategy Not yet demonstrated
Student resubmission response (if required by assessor):
Assessor feedback: Resubmission required?
Part 4: Role plays
You will participate in four role plays for a maximum of 20 minutes. These role plays will be conducted by audio recording. You will need a volunteer to assist you in these role plays.
These role plays will include you and a volunteer. You will need to select an appropriate person to be a volunteer, who meets the criteria below:
• does not have to be an actor
• can follow instructions
• is able to ask questions – suggested questions are provided in the Volunteer Guide
• will permit you (the student) to complete the oral assessment to the best of your ability.
The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn Business Management Skills (DIPMB3v3) subject room to your volunteer so they understand what they need to do in your assessment.
You will not be assessed on your acting ability.
You will be assessed on the criteria listed below in the student role.
At the beginning of each recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before each recording may continue.
See the resources in your subject in KapLearn to assist you in preparing for your role play.
Role Play Case study — Calvin and John Young
Note: This case study will be used for the following three role plays.
You are a broker at XYZ Brokers and have received a referral from a local solicitor to talk to two brothers, Calvin and John Young who wish to jointly purchase two apartments in the same building. They want to purchase them as rental properties. The building has 12 apartments. The units have 75% permanent tenants in place and the remaining 25% are used for holiday rentals. The location is in a highly sought-after area and all holiday periods are fully booked.
The brothers have invested together before and have experience in buying and selling property. They have sold all their other investment properties and the apartments will be their only investment until they can identify another opportunity. They have never had any formal agreement drawn up between them in the past. The cash at bank is mostly proceeds from the sales of other investments.
It is also important to note that these brothers have financed investment properties in the past but their level of financial literacy, in relation to the legislative obligations of a lender, is limited.
They would like you to put together two loan structure options:
• a joint investment loan with an 80% LVR with the balance of contribution to come from their savings
• a joint investment loan but also using the equity in their existing homes to permit borrowing 100% of purchase price plus costs.
Note: It’s important to remember that the borrowers speak English as a second language and have requested (as John is married) that the owner-occupied properties, not be cross collateralised.
Other loan requirements:
• 30-year term
• premium option home loan features
• variable interest rate (for this case use 4.5% p.a.)
• proposed settlement date — 6 weeks from exchange of contracts • ability to make additional payments from time to time without penalty
• redraw facility.
The property
Address: Unit 1, 92 Seaside Lane, Coastville, Your State Unit 9, 92 Seaside Lane, Coastville, Your State
Purchase price: $350,000 $385,000
Description: 2 bedroom strata title unit on the ground floor 2 bedroom strata title unit on the ground floor
Body corporate fee $2,500 per annum $2,500 per annum
Proposed income Permanent rental at $450 per week Holiday rental at $45,000 per annum
Agent details: Steven Allstone Steven Allstone
Phone: 8282 1113 8282 1113
Mobile: 0412 880 088 0412 880 088
The clients
Client Calvin Young John Young
Current address: Unit 12, 22 Wentworth Lane, Highville, and has lived there for eight years 23 Dury Lane, Pennant Tops and has lived there with Marie for six years. Property owned in joint names.
Value $650,000 $450,000
Home phone: 9001 2121 9002 1212
Status Calvin is single, no dependants John is married to Marie with no children
Employment PAYG and has been with the same employer for 10 years Self-employed tradesman operating as a sole trader for 12 years
Income $85,000 per annum $65,000 per annum for John
$30,000 per annum for Marie
Cash at bank $250,000 $150,000
Superannuation $150,000 $150,000 (John), $20,000 (Marie)
Contents $100,000 $130,000
Motor vehicle $60,000 $30,000 (John), $15,000 (Marie)
Liabilities — home loan $300,000 @ 4.2 % P & I, term 25 years $100,000 @ 4.2 % P & I, term 25 years
Liabilities — credit cards $5,000 limit, cleared monthly, 3% min payment $15,000 limit, $5,000 debt, 3% min payment
When calculating the fees and charges use those applicable to your state. If a servicing calculator you are using requires a postcode, select one that would represent a reasonable holiday location in your city or state.
Payments on all past and current loans have been met on time and any prior loans repaid in terms of contracts. The minimum monthly commitment on each of the credit cards should be calculated at 3% of the credit limit.
Task — Role Play 1
Role play duration 10 minutes.
Note: For the sake of this role play activity one volunteer can represent both applicants. When completing this role play, you will need to refer to the example legislative disclosure documents and code of practice found in the toolbox to ensure you interpret and comply with legislative requirements, industry regulations and the codes of practice.
Note: You do not need to identify which lender/s in your audio recording, you will only need to refer to them as lender (a) and lender (b).
To set the scene for this role play you are required to present two recommended loan options to clients based on their financial circumstances, financial literacy and special need, as detailed in the case study. You also need to outline to them any risks (potential or real) of which they should be aware.
It is important to remember that, although the borrowers have purchased investment properties in the past, they are not financially literate. You will need to consider this when preparing your recommendations.
For this role play, you should develop detailed options and recommendations designed to maximise client outcomes and meet their needs. In the role play, you should also focus on presenting your analysis of the brothers’ current financial position, the proposed loan structures and the perceived risks.
It is important that when you assess which loans will meet the clients’ requirements and objectives you remember to ensure your own behaviour and performance contributes to the integrity and credibility of the organisation you own and run.
Note: You are not required to actually source a lender who will meet the requirements in this case study, this task is to demonstrate your skills to present various options.
When delivering the two recommendations, you should cover the following:
1. Who are the parties to the two types of loan structures?
2. Your proposal for structuring the two types of loan facilities – amount, term, repayments and the security that will be required for each type of loan structure.
3. What instruction to provide to clients in regard to the most appropriate structure to use?
4. Create a summary of the applicable fees and charges — including those for setup and those of the lender.
5. Identify the potential risks involved in these purchases for each loan structure, including ownership/title issues.
6. Explain what documents you will need to provide to clients to comply with consumer legislation; and how they will be able to assist the clients in making their decision.
7. Identify the client responsibilities and any remaining documentation needed to continue the application process. You can make any reasonable assumptions here.
8. Outline the next steps to get through to settlement, as well as your ongoing services.
9. Ask for questions and obtain written agreement to proceed with selected structure. You should request the volunteer to ‘fake sign’ a piece of paper.
There are no rules regarding the format of your presentation, however it must be presented in a format that is succinct and easily understood by clients. Please use the format that best suits you — this could include covering the detail you have prepared in a written proposal document or from notes you have prepared prior.
The role play requires the volunteer to ask at least three (3) questions with suggested questions provided in Volunteer Guide. However; the volunteer can ask other ‘unrehearsed’ questions if they wish. Remember, you are not being judged on your acting ability. Your assessment is about how you communicate and interact with the customer. You may need to adjust your presentation of the proposal, depending on the time that questions are asked. However; to manage time, you may ask the volunteer to keep questions until you have finished presenting your recommendations.
The assessment criteria you will be assessed on includes the following:
• identify complex broking needs of client
• develop rapport with clients
• present broking options to the clients based on their financial circumstances, financial literacy and special need
• negotiate effectively
• complete and maintain necessary documentation
• obtain written agreement to proceed
• interpret and comply with legislative requirements.
Assessor checklist – role play
Assessor checklist completed after observing the audio recording of the role play Demonstrated or Not yet demonstrated
1 Identify complex broking needs of client Not yet demonstrated
2 Develop rapport with clients Not yet demonstrated
3 Present broking options to the clients based on financial circumstances, financial literacy, special need Not yet demonstrated
4 Negotiate effectively Not yet demonstrated
5 Complete and maintain necessary documentation Not yet demonstrated
6 Obtain written agreement to proceed Not yet demonstrated
7 Interpret and comply with legislative requirements Not yet demonstrated
Assessor feedback: Resubmission required?
Task — Role Play 2
Role play duration 5 minutes.
Step 1
Using the information prepared in Role Play 1, conduct a follow up call with the client.
During this call, you will need to:
1. address any concerns they may have regarding the loan options you provided to them in role play 1
2. ask the client if they have any feedback regarding your dealing with them thus far and respond to this feedback.
Step 2
After completing the call, you must record your client’s feedback using the client feedback form below, in accordance with the organisational standards and values document provided in the toolbox.
Date and time of call Client feedback Response
Answer here Answer here Answer here
Step 3
As you are aware, the borrowers speak English as a second language and as such, may have difficulty in comprehending loan contract terms.
In the box below, provide two examples of how you might be able to adapt to this special need for your clients:
Answer here
The assessment criteria you will be assessed on includes the following:
• Obtain feedback and respond to client concerns
• To complete relevant documentation
• Adapting to special needs.
Assessor checklist – role play
Assessor checklist completed after observing the audio recording of the role play Demonstrated or Not yet demonstrated
1 Obtain feedback and respond to client concerns Not yet demonstrated
2 Complete relevant documentation in accordance with organisational guidelines Not yet demonstrated
3 Adapt to special needs Not yet demonstrated
Assessor feedback: Resubmission required?

Task – Role Play 3
Role play duration 3 minutes.
Following on from Role Play 2, you have been asked by your client to contact their solicitor (the referral source) by phone. The intention is to provide appropriate liaison with the referral source, and to develop and secure a longstanding and effective relationship with them, whilst adhering to organisational service standards and core values (refer to the document in the toolbox).
During this call, you will need to address two concerns that you have:
(a) You have identified an error in the loan documentation and will need to forward this to the solicitor to review the terms to verify that there is no cross collateralisation of their residential properties
(b) To discuss if there are interpreter service available to the clients, to make sure that they understand all obligations in their loan contract, and that they agree on a process.
Remember when making the call, that it is important to build good rapport with the solicitor so that you can establish an effective relationship with them.
Assessor checklist – role play
Assessor checklist completed after observing the audio recording of the role play Demonstrated or Not yet demonstrated
1 Consult with relevant stakeholders Not yet demonstrated
2 Liaise with stakeholder to establish effective relationship Not yet demonstrated
Assessor feedback: Resubmission required?
Task — Role Play 4
Role play duration 2 minutes.
As you will be on leave when settlement is due to occur you contact your supervisor/manager who handles human resources. You are contacting them to advise them that you will:
(a) be on leave for one week in December
(b) wish to seek assistance in allocating the settlement to another member in the team in your absence.
The assessment criteria you will be assessed on includes the following:
• Effectively consult with stakeholders
• Seek assistance from human resources.
Assessor checklist – role play
Assessor checklist completed after observing the audio recording of the role play Demonstrated or Not yet demonstrated
1 Consult with relevant stakeholders Not yet demonstrated
2 Seek assistance from human resources specialists where appropriate. Not yet demonstrated
Assessor feedback: Resubmission required?

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