Which of the following describes the maximum ownership of real property with indefinite duration?

The maximum ownership of real property with indefinite duration is known as a fee simple estate. This form of ownership is characterized by the holder's complete control over the property, allowing them to use, lease, sell, or bequeath the property as they choose. It represents the most extensive interest in real property that an individual can have and is not limited by any conditions or a set time frame.

In contrast, a tenancy in common allows multiple individuals to hold an interest in the property, but their ownership is not indefinite since it can be transferred or sold independently. A life estate grants ownership of a property until the death of the owner or another specified individual, which inherently limits the duration of ownership. A leasehold estate refers to a tenant's right to occupy property for a designated period based on a lease agreement, which is also a temporary arrangement. Therefore, a fee simple estate is the correct choice as it provides the highest level of ownership with no limitations on duration.