What is the term for a person's ownership right in real property?

The correct term for a person's ownership right in real property is "fee simple." This term describes the most complete form of property ownership available under law, which grants the owner absolute rights to use, transfer, or dispose of the property as they choose, within the limits of the law. A fee simple estate lasts indefinitely and follows the ownership even after the owner's death, allowing for the property to be passed to heirs.

In contrast, "estate in personality" refers to rights in personal property rather than real property. "Life interest" denotes a type of ownership that lasts for the duration of a specific person's life, meaning the rights of ownership cannot be transferred beyond that individual's lifetime. Lastly, "real estate investment" is a broader term that encompasses various ways of investing in real property and does not specifically refer to ownership rights. Understanding these distinctions is essential for accurately interpreting property law.