Final answer:
Fee simple or fee simple absolute refers to the most extensive form of property ownership, where the owner has broad rights, including bequeathing property to heirs. This contrasts with more limited forms of ownership seen in history, but aligns with modern views that property rights are fundamental to liberty and economic growth.
Step-by-step explanation:
Fee simple or fee simple absolute is a term used in property law to refer to the most extensive ownership interest one can have in a piece of real estate. In a fee simple or fee simple absolute freehold estate, the owner possesses the full bundle of rights associated with property ownership, including the right to sell, lease, or bequeath the property to heirs. This type of ownership is in contrast to more limited estate interests, where ownership might revert to the original grantor after a certain event, or where the owner may not have the right to transfer the property.
The reference to heirs inheriting property connects with the idea that a fee simple absolute estate is inheritable, which is part of its definition as the highest form of real property ownership. The depth of a fee simple absolute is demonstrated through examples from history where property ownership laws and rights varied, such as through usufruct rights in horticultural societies or shiki rights in Hei'an period Japan. Modern approaches, such as those codified in regulations like the Homestead Act, have affirmed the belief that property ownership is fundamental, offering individuals the unalienable rights to acquire and improve upon land. This fosters the idea of property as a central aspect of individual liberty and economic development.