Assessor Resource

FNSMCA302
Repossess property

Assessment tool

Version 1.0
Issue Date: June 2024


This unit describes the skills and knowledge required to liaise with clients (creditors), the client's debtors and third parties, and apply legal requirements and ethical principles in repossessing property.

It applies to individuals who are required to repossess property as part of their role as a mercantile agent within financial services organisations of any size or location.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Plan and prepare repossession process

1.1 Interpret and confirm client’s written instructions and any of their relevant policies and procedures, and align to organisational guidelines and legislative requirements

1.2 Establish location and realisable value of property to be repossessed

2. Negotiate repossession

2.1 Use most appropriate means of communication to establish contact and build rapport with debtor, and clearly communicate reason for repossession

2.2 Canvass terms of debt settlement to negotiate mutually acceptable resolution for client and debtor, where possible

3. Repossess property

3.1 Formulate plan for execution of repossession within legal requirements that also meets client requirements

3.2 Arrange and facilitate repossession ethically on behalf of client

3.3 Engage and oversee third party agents in securing property, where required

4. Formulate report

4.1 Compile accurate report on condition of property and promptly provide to client a full report on repossession activity, disposal result and payment arrangements

4.2 Synthesise information gathered and clearly, concisely document outcomes that can be accessed by all relevant staff

Evidence of the ability to:

compile information on property to be repossessed

interpret and comply with legislative requirements, industry code of conduct and organisational policy and procedures when repossessing property

build and maintain rapport with clients, and liaise and cooperate with debtors and third party agents

negotiate effectively when confronted with problems and difficulties

complete relevant documentation in accordance with industry and organisational requirements and guidelines.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe the negotiation process

outline creditor's obligations underpinning credit management functions, and their relationship to mercantile agents

identify key requirements of relevant state and Commonwealth Acts relating to debt collection and mercantile agents

explain the business principles, financial arrangements and legal obligations of:

sole traders

partnerships

companies

trusts

outline the principles and procedures of:

repossession

notices of intention

authority to repossess

methods of repossession

ethical practices in repossession

post-repossession

describe the principles of association under the Associations Incorporation Reform Act

outline the role, procedures and relevant documentation of the various relevant court jurisdictions and appeals procedures

explain securities and loans principles, specifically factoring, guarantees, indemnity, securities over property, retention of title and liens

describe techniques of search and locating property to be repossessed.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the mercantile agents field of work and include access to:

office equipment, technology, software and consumables

relevant legislation and industry codes of practice in the mercantile agent field.

Assessors must satisfy NVR/AQTF assessor requirements.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Plan and prepare repossession process

1.1 Interpret and confirm client’s written instructions and any of their relevant policies and procedures, and align to organisational guidelines and legislative requirements

1.2 Establish location and realisable value of property to be repossessed

2. Negotiate repossession

2.1 Use most appropriate means of communication to establish contact and build rapport with debtor, and clearly communicate reason for repossession

2.2 Canvass terms of debt settlement to negotiate mutually acceptable resolution for client and debtor, where possible

3. Repossess property

3.1 Formulate plan for execution of repossession within legal requirements that also meets client requirements

3.2 Arrange and facilitate repossession ethically on behalf of client

3.3 Engage and oversee third party agents in securing property, where required

4. Formulate report

4.1 Compile accurate report on condition of property and promptly provide to client a full report on repossession activity, disposal result and payment arrangements

4.2 Synthesise information gathered and clearly, concisely document outcomes that can be accessed by all relevant staff

Evidence of the ability to:

compile information on property to be repossessed

interpret and comply with legislative requirements, industry code of conduct and organisational policy and procedures when repossessing property

build and maintain rapport with clients, and liaise and cooperate with debtors and third party agents

negotiate effectively when confronted with problems and difficulties

complete relevant documentation in accordance with industry and organisational requirements and guidelines.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe the negotiation process

outline creditor's obligations underpinning credit management functions, and their relationship to mercantile agents

identify key requirements of relevant state and Commonwealth Acts relating to debt collection and mercantile agents

explain the business principles, financial arrangements and legal obligations of:

sole traders

partnerships

companies

trusts

outline the principles and procedures of:

repossession

notices of intention

authority to repossess

methods of repossession

ethical practices in repossession

post-repossession

describe the principles of association under the Associations Incorporation Reform Act

outline the role, procedures and relevant documentation of the various relevant court jurisdictions and appeals procedures

explain securities and loans principles, specifically factoring, guarantees, indemnity, securities over property, retention of title and liens

describe techniques of search and locating property to be repossessed.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the mercantile agents field of work and include access to:

office equipment, technology, software and consumables

relevant legislation and industry codes of practice in the mercantile agent field.

Assessors must satisfy NVR/AQTF assessor requirements.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Interpret and confirm client’s written instructions and any of their relevant policies and procedures, and align to organisational guidelines and legislative requirements 
Establish location and realisable value of property to be repossessed 
Use most appropriate means of communication to establish contact and build rapport with debtor, and clearly communicate reason for repossession 
Canvass terms of debt settlement to negotiate mutually acceptable resolution for client and debtor, where possible 
Formulate plan for execution of repossession within legal requirements that also meets client requirements 
Arrange and facilitate repossession ethically on behalf of client 
Engage and oversee third party agents in securing property, where required 
Compile accurate report on condition of property and promptly provide to client a full report on repossession activity, disposal result and payment arrangements 
Synthesise information gathered and clearly, concisely document outcomes that can be accessed by all relevant staff 

Forms

Assessment Cover Sheet

FNSMCA302 - Repossess property
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

FNSMCA302 - Repossess property

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: