Barbri Secured Transactions 2025/2026
Exam Questions and Answers | A+ Score
1
Assured
Secured Transactions - Source of Law? - 🧠 ANSWER ✔✔UCC Article 9
What is a secured transaction? - 🧠 ANSWER ✔✔A business deal, generally
a loan of money given in exchange for a security interest in personalty
(personal property). If borrower doesn't repay, lender can sell the asset to
pay off borrower's debt.
Types of Collateral (4) - 🧠 ANSWER ✔✔1. Tangible
2. Consumer Goods
3. Rights in Real Property
4. Intangible
Tangible Collateral (3) - 🧠 ANSWER ✔✔1. Inventory
2. Equipment
3. Farm Products
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Inventory - 🧠 ANSWER ✔✔1. Goods held by a business *for sale/lease*
2. Any *raw or consumable* materials (flour, sugar, chemicals, cleaning
2
supplies)
Equipment - 🧠 ANSWER ✔✔Any tangible thing owned by a business & not
for sale
Ex: parrot mascot; razor that guy keeps at work; painting on wall
Farm Products - 🧠 ANSWER ✔✔*Livestock & unprocessed goods* (eggs,
grain, apples, honey, wool)
- processed goods (cheese, etc) = inventory.
- tractors etc. = equipment
Consumer Goods - 🧠 ANSWER ✔✔Tangible things (1) used, or (2) bought
for primarily for personal, family, or household use.
*Focus on primary intended use either at present or at purchase
Rights in Real Property (2) - 🧠 ANSWER ✔✔1. Fixtures
2. As-Extracted Collateral
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Fixture: Definition - 🧠 ANSWER ✔✔Any movable thing that is so
incorporated into (affixed to) an immovable that it becomes part of the
3
realty under property law
- ex: heaters, lights, etc.
As-Extracted Collateral: Definition - 🧠 ANSWER ✔✔Rights in oil and gas
and other minerals reserved before extraction, so that the security interest
will attach to the oil, etc. as soon as it is extracted.
Intangible Rights - 🧠 ANSWER ✔✔1. Account
2. Deposit Account
3. Instrument
4. Chattel Paper
5. Investment Property
6. General Intangibles
Account: Definition - 🧠 ANSWER ✔✔Right to collect on a *promise to pay*
the debtor later on a monetary obligation after sale or lease of a non-land
related thing (among other items)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Exam Questions and Answers | A+ Score
1
Assured
Secured Transactions - Source of Law? - 🧠 ANSWER ✔✔UCC Article 9
What is a secured transaction? - 🧠 ANSWER ✔✔A business deal, generally
a loan of money given in exchange for a security interest in personalty
(personal property). If borrower doesn't repay, lender can sell the asset to
pay off borrower's debt.
Types of Collateral (4) - 🧠 ANSWER ✔✔1. Tangible
2. Consumer Goods
3. Rights in Real Property
4. Intangible
Tangible Collateral (3) - 🧠 ANSWER ✔✔1. Inventory
2. Equipment
3. Farm Products
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Inventory - 🧠 ANSWER ✔✔1. Goods held by a business *for sale/lease*
2. Any *raw or consumable* materials (flour, sugar, chemicals, cleaning
2
supplies)
Equipment - 🧠 ANSWER ✔✔Any tangible thing owned by a business & not
for sale
Ex: parrot mascot; razor that guy keeps at work; painting on wall
Farm Products - 🧠 ANSWER ✔✔*Livestock & unprocessed goods* (eggs,
grain, apples, honey, wool)
- processed goods (cheese, etc) = inventory.
- tractors etc. = equipment
Consumer Goods - 🧠 ANSWER ✔✔Tangible things (1) used, or (2) bought
for primarily for personal, family, or household use.
*Focus on primary intended use either at present or at purchase
Rights in Real Property (2) - 🧠 ANSWER ✔✔1. Fixtures
2. As-Extracted Collateral
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Fixture: Definition - 🧠 ANSWER ✔✔Any movable thing that is so
incorporated into (affixed to) an immovable that it becomes part of the
3
realty under property law
- ex: heaters, lights, etc.
As-Extracted Collateral: Definition - 🧠 ANSWER ✔✔Rights in oil and gas
and other minerals reserved before extraction, so that the security interest
will attach to the oil, etc. as soon as it is extracted.
Intangible Rights - 🧠 ANSWER ✔✔1. Account
2. Deposit Account
3. Instrument
4. Chattel Paper
5. Investment Property
6. General Intangibles
Account: Definition - 🧠 ANSWER ✔✔Right to collect on a *promise to pay*
the debtor later on a monetary obligation after sale or lease of a non-land
related thing (among other items)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
