Which type of estate allows an individual to own real property legally?

The correct choice, a freehold estate, refers to a type of interest in real property that conveys the highest level of ownership rights. This legal ownership gives the individual the ability to enjoy the property indefinitely, as opposed to interests that are for a limited duration. Freehold estates can be further categorized into fee simple and life estates, both of which provide the owner with significant control over the property, including the right to occupy, transfer, or sell it.

A tax-deferred estate, while it may relate to tax implications regarding property ownership, does not describe an ownership interest in the property itself. Similarly, a time-share estate typically pertains to shared usage of property for vacation purposes and does not represent full ownership, as it is limited to specific times for use. A shared ownership estate usually indicates a collective interest where multiple parties have ownership in a single property, which complicates the ownership rights compared to a freehold estate. Thus, the distinction lies in the level of ownership and control offered by a freehold estate, making it the correct answer.