What circumstances allow a secured party to have priority without perfecting the interest at all?

The correct choice is that a secured party can have priority without perfecting their interest if the owner of the real estate consents. In secured transactions, while priority typically arises through the process of perfection, there are specific situations where a secured party can gain priority simply by obtaining consent from the relevant parties involved.

In this context, if the owner of the real estate consents to the secured party's interest in the collateral, this creates a legal basis for the secured party to assert priority over other claims, even in the absence of formal perfection actions such as filing, possession, or control. Consent operates as an acknowledgment of the secured party's interest, effectively allowing them to bypass the usual requirements for perfection in this specific instance.

The other circumstances presented do not create a basis for priority without perfection. For example, if the debtor does not consent, the secured party would struggle to assert an interest that is enforceable against third parties. In cases where the collateral is not yet affixed, perfection may still be required to establish an interest in that collateral. Lastly, if a secured party agrees to lower their priority, they are not establishing priority in the first place, and such an agreement would not negate the need for perfection to maintain a superior position in the