What type of ownership is defined as the highest type of real estate ownership recognized by law?

Fee simple is defined as the highest type of real estate ownership recognized by law because it provides the owner with the most complete set of rights over the property. This type of ownership is characterized by the unrestricted ability to use, sell, or bequeath the property. The owner of a fee simple interest has the right to occupy the property indefinitely, and this ownership lasts as long as the owner or their heirs wish to retain it, which distinguishes it from other forms of property ownership.

In contrast, life estates grant ownership rights only for the duration of an individual’s life, after which the property reverts to another party. Leasehold ownership pertains to a tenant's right to occupy and use property for a specified lease term, giving them no ownership of the property itself. Condominium ownership is a form of shared ownership that allows for individual ownership of a unit and shared rights over common areas, but does not confer the same comprehensive rights as a fee simple interest. This understanding clarifies why fee simple is considered the highest form of ownership in real estate.