What is the highest estate or absolute right in real property called?

The highest estate or absolute right in real property is referred to as Fee Simple. This term signifies that the owner has complete control over the property and can use it, lease it, sell it, or bequeath it without any conditions or limitations, barring any zoning laws or restrictive covenants that may apply. Fee Simple ownership is the most comprehensive form of property ownership recognized in law, providing the title holder with the full set of rights associated with the property.

In contrast, leasehold pertains to property rights that are limited by the terms of a lease, and chattels refer to personal property rather than real estate. Concurrent ownership describes a scenario where two or more individuals share ownership of the same property, but this is not the highest form of ownership you can have. Thus, Fee Simple stands out as the pinnacle of real property rights, making it the correct answer.