PSI New Jersey Real Estate State Practice Exam

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Prepare for the New Jersey Real Estate Exam. Study with up-to-date questions and in-depth explanations. Ace your real estate test!

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What should a secretary in a real estate office who does not have a license NOT be allowed to do?

Assist in transactions
Perform bookkeeping functions concerning escrowed funds
Answer phones for the office
Handle general office tasks

The correct answer is: Perform bookkeeping functions concerning escrowed funds

A secretary in a real estate office who does not have a license should not be allowed to perform bookkeeping functions concerning escrowed funds because handling escrowed funds requires a licensed individual. Escrow accounts are critical in real estate transactions, as they involve holding clients' funds until certain conditions are met. This function is regulated to ensure that funds are properly managed, protected, and disbursed according to the terms of the transaction and applicable laws. Performing bookkeeping for escrowed funds involves trust and fiduciary responsibilities, which are reserved for licensed real estate professionals to avoid potential misconduct and ensure compliance with state regulations. The other tasks, such as assisting in transactions, answering phones, or handling general office tasks, can typically be performed by unlicensed staff as they do not involve the same level of responsibility and regulatory oversight that comes with managing escrowed funds.