Liquid assets are those that can easily be turned into cash, at full market price, thus its value is not at all vague. A liquid asset may be a bank account, or a financial investment, such as a share traded on a stock exchange or a bond. The value of these assets are known at the point of purchase.
Property is not deemed to be a liquid asset and it can take a very long time to turn into cash and its value is usually an estimate and subject to negotiation until a final offer is made. Shares in unlisted companies can also be considered the same way, since they are less easy to trade and their value is a point of negotiation.
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