What is the greatest possible interest a person can possess in real estate known as?

The greatest possible interest a person can possess in real estate is referred to as a fee simple. This type of estate grants the owner complete and unrestricted ownership of the property, which includes the rights to use, sell, lease, or transfer the property without limitations imposed by others. A fee simple is characterized by its permanence; it continues until the owner decides to sell or transfer it, and it can be inherited by heirs.

In contrast, other types of interests in real estate, such as life estates and leaseholds, impose certain restrictions. A life estate, for example, only grants ownership rights for the duration of a person's life, after which the property reverts to another party. Leaseholds provide only temporary use and occupation of the property under a specified contract, and thus do not confer full ownership. Tenancy in common allows for shared ownership among multiple parties but does not provide complete control over the property, as decisions typically require consensus among co-owners.

Therefore, the nature of a fee simple estate as the highest and most complete form of property ownership reinforces its identification as the greatest possible interest in real estate.