If an estate includes the complete bundle of rights and unlimited duration of tenancy, what type of estate is it?

A fee simple estate represents the highest form of ownership in real estate. It encompasses the complete bundle of rights, which includes the right to possess, use, exclude others, sell, lease, and will the property to heirs. Additionally, a fee simple estate is characterized by its unlimited duration; it does not terminate unless the owner decides to sell or transfer it, or unless a specific condition is violated.

In contrast, a leasehold estate is temporary and limited by the terms of the lease agreement. A life estate limits ownership duration based on the lifespan of a specified individual, which means it does not provide unlimited duration. A license grants permission to use property without transferring any ownership rights and can usually be revoked, demonstrating neither permanence nor the complete bundle of rights.

Thus, the attributes of a fee simple estate aligning with ownership rights and duration make it the correct answer to the question posed.