The ownership of realty implies a collection of rights known collectively as what?

The correct answer is Fee Simple Estate because this term describes the most complete form of ownership in real property. A Fee Simple Estate grants the owner a full set of rights, including the right to use the property, sell it, lease it, inherit it, and exclude others from it. This type of estate is characterized by its indefinite duration, meaning that the owner’s rights are not limited to a specific time frame, unlike other types of interests in real estate.

In contrast, a Life Estate grants ownership rights only for the duration of an individual's life, after which the property reverts back to the original grantor or their heirs. A Leasehold represents a temporary right to use and occupy the property but does not provide ownership rights; the property ultimately belongs to the lessor. Joint Tenancy describes a form of concurrent ownership where two or more people hold title to a property, but it includes certain limitations and rights of survivorship that differ from the complete rights involved in a Fee Simple Estate.

Thus, the concept of ownership related to a Fee Simple Estate is what encapsulates the idea of a full collection of rights in real property, making it the correct choice.