Which type of estate represents the maximum ownership of real property?

The fee simple estate represents the maximum ownership of real property because it grants the owner full control and rights over the property, subject only to governmental powers like taxation and zoning laws. This type of estate is characterized by its indefinite duration, meaning that the ownership can be passed down through inheritance or sold without restrictions.

In contrast, a leasehold estate provides a tenant only with a temporary right to occupy and use the property, typically for a specified term, without any ownership rights. A life estate grants ownership for the duration of a person's life, after which the property reverts back to the original grantor or a designated third party, limiting the owner's rights compared to a fee simple. Joint tenancy involves shared ownership among two or more individuals, and while it offers significant rights, it does not equate to the highest form of ownership since the property can be sold or encumbered by one owner without the agreement of the others, potentially affecting the other co-owners' rights.

Thus, the fee simple estate is considered the most complete form of property ownership, encompassing both the rights of use and the ability to transfer ownership entirely, making it the correct answer.