What describes the greatest possible interest a person can have in real estate?

The greatest possible interest a person can have in real estate is described as a fee simple. This form of ownership represents the highest and most complete level of ownership recognized by law. A fee simple estate grants the owner full rights to the property, meaning they have the authority to use it, lease it, sell it, bequeath it, or even demolish it. There are typically no limitations on the duration of ownership, allowing the owner to hold the property indefinitely.

In contrast, other options represent more limited interests. A life estate, for instance, provides ownership for the duration of an individual's life, after which the property reverts back to the original owner or their heirs. Leasehold interests represent a temporary right to use and occupy the property under a lease agreement and do not confer ownership. Joint tenancy involves shared ownership with rights of survivorship, meaning that while co-owners may have equal interests, their rights are not comprehensive like those of a fee simple owner. Thus, the fee simple is the most unrestricted and enduring interest one can have in real estate.