What type of estate is characterized by the maximum interest obtainable in real property?

The type of estate characterized by the maximum interest obtainable in real property is a Fee Simple Estate. This form of ownership provides the holder with complete control over the property, subject only to governmental powers such as taxation and eminent domain, as well as any applicable restrictions or covenants.

A Fee Simple Estate is unconditional and indefinite, meaning the owner has the right to use the property, sell it, lease it, or pass it on to heirs without any limitations. This full bundle of rights distinguishes it from other estate types, such as a Life Estate which is limited to the duration of an individual's life, or a Leasehold Estate that grants use of the property for a limited time under specific conditions set by the landlord. The Fee Simple Defeasible is also not the maximum interest because it can be subject to conditions that, if violated, could result in the property reverting back to the grantor. Thus, the Fee Simple Estate stands out as the highest form of property interest available.