Which property type includes a legal interest in land and its natural rights?

The correct answer is Fee Simple Absolute because it represents the highest form of ownership interest in real property. When someone holds a Fee Simple Absolute, they possess full and unrestricted ownership of the land and all rights associated with it, including any natural rights such as the right to use, sell, lease, or even develop the property. This type of ownership is characterized by its permanence, meaning that it can be inherited and passed down without limitation, and it is not tied to any conditions or duration, unlike other property types which may have restrictions.

In contrast, leasehold property typically involves a temporary right to occupy land or property for a specific duration, granted by a lease agreement. Commercial property refers to land and buildings used for business purposes, but it can be owned under various types of legal interests, including Fee Simple Absolute. Personal property denotes movable items not tied to land, such as vehicles or furniture, and does not include any interest in land. Understanding the distinctions between these property types is crucial in real estate and title insurance matters, highlighting why Fee Simple Absolute is the most encompassing form of property ownership.