Which term is used to describe the largest bundle of legal rights in real property?

The term that describes the largest bundle of legal rights in real property is the fee simple estate. This type of estate grants the owner the most complete set of rights, including the right to use, sell, lease, or develop the property without restrictions. In a fee simple estate, the owner holds the property indefinitely and retains all rights associated with ownership, subject only to government regulations and restrictions, such as zoning laws.

In comparison to other types of estates, such as a life estate or leasehold estate, a fee simple estate provides the most control and security. A life estate, for instance, limits ownership to the duration of a person's life, and once that person passes away, the property typically reverts to the original owner or a third party. Leasehold estates grant temporary rights to tenants, allowing them to use the property for a specified duration but without the rights associated with ownership. A remainder estate is an interest that becomes possessory after a life estate ends, further highlighting the limited nature of those other forms of ownership compared to the comprehensive rights bestowed by a fee simple estate.