Which type of estate is characterized by ownership of the property for an undefined term?

The fee simple estate is characterized by ownership of the property for an undefined term, which means that the owner holds the most complete form of ownership recognized by law. This type of estate comes with the maximum rights of possession and control, allowing the owner to use, lease, sell, or bequeath the property as they see fit, without restrictions on duration.

In a fee simple estate, ownership is not limited by a specific time period or certain conditions, which differentiates it from other types of estates. For example, a life estate is limited to the duration of an individual's life and does not extend beyond that person's death. Similarly, a leasehold estate grants temporary possession of property through a lease, typically for a specified term. A remainder estate is associated with life estates and refers to the interest that will become effective after the termination of the life estate.

Overall, the fee simple estate provides an indefinite duration of ownership, making it the most complete and favorable form of property ownership.