Finsia Practice Test & Exam Prep | Australia

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A broker accepts a borrower's stated income figure without any supporting documentation for a large home loan. Which responsible lending principle has most likely been breached?

The requirement to take reasonable steps to verify the consumer's financial situation The requirement to disclose commissions in the credit guide The requirement to hold professional indemnity insurance The requirement to be a member of AFCA

Correct Answer:

The requirement to take reasonable steps to verify the consumer's financial situation

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