Which of the following best describes the fee simple estate?

The fee simple estate is the most complete and absolute form of property ownership recognized by law. This estate is characterized by its indefinite duration, meaning that the owner has the right to possess the property for as long as they want, and can transfer it to heirs, sell it, or otherwise dispose of it as they see fit. This type of ownership is not bound by any time limits or conditions, making it distinctively permanent as long as the owner fulfills their responsibilities related to the property, such as paying property taxes.

The other options fail to capture the full essence of what a fee simple estate entails. For example, a property with restricted use refers to limitations placed on how the property can be utilized, which does not reflect the absolute nature of fee simple ownership. A long-term rental agreement denotes a temporary leasehold interest instead of an ownership interest, and a paper title with no ownership implies a lack of real property rights, which contradicts the complete control a fee simple estate grants to its owner. Therefore, the defining feature of a fee simple estate is precisely its indefinite duration and inherent ownership rights.