Which of the following best describes the rights associated with a fee simple estate?

A fee simple estate is the most complete and absolute form of property ownership available. This ownership grants the holder comprehensive rights concerning the property in question. Specifically, it includes the rights to use the property as they see fit, sell it, rent it, and transfer it to heirs upon the owner's death. Since it encompasses all rights associated with ownership, the fee simple estate offers the owner the highest level of control and flexibility over the property compared to other types of estates.

Other options describe limitations or specific conditions associated with different types of property rights or interests, but they do not apply to a fee simple estate. For example, rights for a limited time suggest a leasehold or some form of temporary possession, which is not the case with a fee simple. The inclusion of local zoning laws pertains to how the property can be used but does not affect the ownership rights per se. Lastly, mentioning partial rights based on lease agreements implies a shared interest that contrasts sharply with the complete control encapsulated in a fee simple estate. Thus, the correct option highlights the expansive and unconditional nature of rights associated with a fee simple estate.