Which type of ownership interest is considered the greatest in real property?

The greatest type of ownership interest in real property is known as Fee Simple Absolute. This form of ownership provides the owner with the maximum rights and privileges over the property. It is complete and unrestricted, giving the owner the ability to use, lease, sell, or will the property to heirs without any limitations, except for applicable laws or regulations.

Fee Simple Absolute is characterized by its permanence and inheritable nature, meaning that the interest can be passed down to beneficiaries upon the owner's death. This contrasts with other forms of ownership interests; for instance, a Life Estate grants ownership for the duration of a person's life but will revert to another party after their death. Similarly, a Leasehold Estate provides rights to use a property for a defined period, but does not grant ownership. Tenancy in Common allows multiple owners to share the property, but each owner’s interest can sell independently, which can complicate ownership.

Overall, the Fee Simple Absolute creates a strong, dominant ownership interest that encompasses all possible rights associated with the property, making it the highest form of property ownership.