Note the "No longer have access to these"
After this, you'll be taken to a page where you're asked to verify the account in question with a profile picture associated with the account (in this case, your victim's profile picture). A variety of ways to send a reset password will also be provided including the victim's phone number and email address. At the bottom of it all, there's an option that says, "Can't access these right now" which if you click on, takes you to the three trusted friends page. Here, you're given a list of the account holder's friends, and you choose the three friends you created. A reset password will be sent to those friends and you use that to hack into to your victim's account.
There are two flaws in this system, both of which are not too major. One, which is already mentioned, is the fact that your victim actually has to accept these friend requests. Two, when you choose the option of not having access to any of those email address, an email is sent to the victim saying that they have chosen to reset their password. They'll know that suspicious activity is going on with their account but they won't really be able to do anything since changing their password will not be effective. The most they can do is report back to Facebook that they haven't actually been trying to reset their account information.
Note: More than a how to hack someone's account, this is meant to be more of a warning. Be careful who you're accepting friend requests from and of course, respond to an email saying that you've requested to reset your password (when you haven't) immediately.
