Final answer:
High-quality modern fantasy is characterized by its fully-developed, believable characters, rather than the fame of the author or the realm of possibility of its setting and events. Characterization is key to engaging the reader. Option 1.
Step-by-step explanation:
When assessing the traits of modern fantasy of high quality, various components can come into play to ensure a captivating and meaningful narrative. Fully-developed, believable characters are a hallmark of high-quality fantasy, as they encourage readers to empathize, sympathize, or engage with the narrative on a deeper level.
The writer's skill in characterization is crucial in creating characters that feel real and compel readers to invest in their journeys.
While a well-known author may be associated with high-quality works, it is not an intrinsic trait of modern fantasy quality. Similarly, the notion of events, settings, and characters within the realm of possibility might refer to a different genre, such as historical fiction, not fantasy, which thrives on imaginative and otherworldly elements.
Therefore, option 1 stands out as the defining trait of modern high-quality fantasy literature.