California Real Estate Practice Exam

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All of the following are used in the purchase of residential properties, except:

Cal-Vet
Commercial banks
FHA approved lenders providing insured FHA Title I and Title II loans
VA approved lenders

The correct answer is: Cal-Vet

Cal-Vet, or the California Department of Veterans Affairs, offers a loan program specifically geared toward veterans for the purchase of rural homes and farms, rather than residential properties in urban areas. Unlike conventional lenders, which include commercial banks and various government-backed programs, Cal-Vet operates under a unique system more focused on veterans' needs in specific markets. Commercial banks, FHA-approved lenders, and VA-approved lenders all play significant roles in financing residential properties. They offer various loan options that cater to a broader range of buyers, including those looking for homes in urban areas, making them prevalent in typical residential transactions. The distinction of Cal-Vet's focus on rural purchases makes it the option that doesn't align with the standard practices for acquiring residential properties.