1. All of the following are advantages of direct ownership of property as a way of investing in real estate except:

Investor retains control over management.

There is often a "pride of ownership" factor.

There is still some tax shelter benefit through depreciation.

The investment is very "liquid".

2. "Liquidity" refers to:

Location of real estate investment on a river or seashore.

Riskless cash investment such as Treasury Bills.

Ability to trade asset shares in a bar or pub.

Ability to sell without payment of capital gains taxes.

Ability to sell an asset quickly at full value.