Which of the following assets is typically not liquid?

Real estate property is typically considered not liquid because it cannot be quickly or easily converted into cash without a significant loss in value. Unlike cash in a savings account, stocks, and bonds, which can usually be sold rapidly on financial markets, real estate transactions involve a lengthy process that includes listing the property, negotiating with buyers, undergoing inspections, and potentially waiting for financing approval. This can take weeks or even months, making real estate a less liquid asset.

Cash, stocks, and bonds can often be accessed quickly, allowing owners to convert them to cash in a short time frame, which is not the case with real estate. Hence, the characteristic of liquidity involves how quickly and easily an asset can be turned into cash, which is why real estate stands out as a less liquid asset compared to the others listed.