Which of the following is an example of a non-purchase money transaction?

In real estate terminology, a non-purchase money transaction typically refers to scenarios where the financing involved is not directly used to acquire the property. Refinances and second trust liens fall into this category because they are not involved in the initial purchase of a property. Instead, they pertain to securing additional loans against a property that has already been bought.

In a refinance, a borrower is replacing their existing loan with a new loan, often to achieve better terms or rates, which does not constitute a purchase transaction. Similarly, a second trust lien involves taking out a loan secured against the equity of a property that has already been owned rather than financing a new acquisition. Therefore, these scenarios define non-purchase money transactions since they pertain to financing already owned property rather than obtaining new property.