Which of the following best describes 'fee simple' ownership?

Fee simple (or fee simple absolute) is the highest and most complete form of real property ownership. The owner has the rights to possess, use, alter, transfer, and devise the property without an inherent time limit. Fee simple is what most residential homeowners hold. It is subject only to government powers (taxation, eminent domain, police power, escheat) and any private encumbrances (mortgages, easements, restrictive covenants). A life estate, by contrast, lasts only for the lifetime of a specified person and then passes to a remainderman. A leasehold is a tenant's interest, limited in duration. 'Fee simple defeasible' is a fee simple that can be lost if a specified condition occurs.