A liquid preceptocracy is where votes can be delegated to others. Essentially, there are a total number of votes equal to the number of living citizens of voting age in the country, but citizens are allowed to delegate their vote to another, as in the case of a person giving their vote to a more educated person.
Terismark
While Terismark is the only full preceptocracy, it was designed in such a way as to allow for corruption in the voting process by using a liquid voting system. This system is commonly abused, however, by the affluent who are able to buy votes from poorer citizens. While there is a law codified against this practice, it is not enforced. This is how Svir Sorren has remained in power.