What term describes the value of an asset as readily convertible to cash?

The term that describes the value of an asset as readily convertible to cash is asset liquidity. Liquidity refers to how easily an asset can be bought or sold in the market without affecting its price significantly. In real estate, for instance, properties generally have lower liquidity compared to cash or stocks because selling a property often takes time, and it may involve additional costs and complexities.

High liquidity indicates that an asset can quickly be converted into cash with minimal loss in value, whereas lower liquidity suggests a longer time frame and potentially higher costs to convert the asset. Understanding liquidity is essential in real estate as it impacts investment decisions and strategies.

In this context, the other options do not accurately capture the concept of an asset’s convertibility to cash. Asset conversion generally refers to the process of changing an asset from one form to another rather than its liquidity. Market liquidity pertains more to the overall market's ability to facilitate transactions without significant price changes. Asset solvency refers to a company's ability to meet its long-term debts and obligations, which is unrelated to how quickly an asset can be turned into cash. Therefore, asset liquidity is the most accurate term for the value of an asset as readily convertible to cash.