Final answer:
Fee Simple (Fee Simple Absolute) is the highest form of property ownership, granting the owner full rights and privileges to the property, including the ability to enter into contracts with other parties.
Step-by-step explanation:
Fee Simple (Fee Simple Absolute) is a legal term used in property law. It refers to the highest form of property ownership, where the owner possesses all the rights and privileges associated with the property. These rights include the right to use, possess, transfer, lease, or sell the property as they see fit. Additionally, the owner has the right to enter into contracts with other parties involving the property, such as signing a lease agreement with a tenant or selling the property to another party.