Which situation illustrates the concept of fee simple ownership?

Fee simple ownership represents the highest form of property ownership in real estate, providing the owner with complete control and rights over the property. This includes the ability to sell, lease, or develop the land, as well as the right to pass it on to heirs.

In the context of the question, when an individual owns a property with full rights, they are likely holding a fee simple title. This ownership encompasses both the land itself and any structures on it, along with all rights associated with that ownership. The absence of limitations or conditions on the use of property is what distinguishes fee simple ownership from other types of ownership.

Other situations listed reflect different types of property rights and arrangements. For example, renting a home with a lease indicates a tenant's right to use the property while the landlord retains ownership. A partnership sharing property ownership suggests shared rights and responsibilities, which does not equate to the exclusive rights of fee simple. Lastly, a bank holding a mortgage on a property indicates that the bank has a financial interest in the property but does not own it outright, further emphasizing the distinction from fee simple ownership.