What does the term "fee" signify in real estate law?

In real estate law, the term "fee" specifically refers to an interest in land that can be inherited, which is characterized by ownership that is lasting and can be passed down through generations. This concept is often seen in terms such as "fee simple," which denotes the most complete form of property ownership. Under fee simple ownership, the owner has full rights to the property, including the ability to sell it, lease it, or bequeath it to heirs.

The other options do not sufficiently capture the meaning of "fee" in a real estate context. While "temporary loan," "collateral for a mortgage," and "tax assessed value" all relate to financial aspects of real estate, they do not convey the concept of ownership or inheritance that is encapsulated in the term "fee."