Choose the one most appropriate answer for each.
-the possibility that it may be difficult to sell one's partnership interest on short notice
A)community property
B)concurrent ownership
C)estate in severalty
D)general partnership
E)illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question

Quizplus · Accepted Answer

The term "illiquidity" refers to the difficulty in selling one's ownership interest in an asset quickly or without significant loss of value. Therefore, the most appropriate choice for the given question is E, illiquidity.

Note: Choices B, D, F, I, L, N, O, P, Q, R, S, and T do not address the issue of selling one's partnership interest on short notice. Choice A refers to a concept of property ownership in certain states, and choice M refers to property classification. Choice H refers to a type of business entity that may or may not experience difficulty in selling ownership interests on short notice, depending on the specific terms of the operating agreement. Choice K refers to the right of the surviving joint tenant to inherit the deceased joint tenant's interest.

Choose the One Most Appropriate Answer for Each