What type of ownership is characterized by an indefinite, exclusive, and absolute interest in a parcel of real estate?

The correct answer is Fee Estate because it represents the highest form of ownership in real estate, providing the owner with an indefinite duration of interest in the property. This means that the owner has the right to possess, use, and control the property without any time limit. The exclusive aspect indicates that the owner has the sole right to enjoy the property without interference from others, and the absolute nature of this ownership means that it is not subject to any conditions or limitations.

In specific terms, when someone holds a Fee Estate, they can also choose to sell, lease, or will the property to heirs, making their control over the property very comprehensive. This level of ownership is distinct from other forms of estate such as a Leasehold Estate, which is temporary and involves rights granted by a landlord to a tenant; a Life Estate, which is limited to the duration of an individual's life; and Joint Tenancy, which involves shared ownership among two or more individuals, each having equal rights during their lives, but not necessarily after death unless specified. Thus, a Fee Estate clearly delineates complete and unlimited rights over a property, fitting the description given in the question perfectly.