Final answer:
A fee simple estate is inheritable, transferable, and perpetual, representing the most extensive ownership interest in land, making option B) Fee simple estate the correct answer.
Step-by-step explanation:
The type of estate that is described as inheritable, transferable, and perpetual is the Fee simple estate. Option B) Fee simple estate is correct. This type of estate represents the most extensive interest in land that one can possess, as it is not limited by time and it can be passed on to heirs. Unlike the leasehold estate, which is temporary and grants possession without ownership, or the life estate, which lasts only for the lifetime of a specific individual, a fee simple estate is absolute in ownership and can be sold, leased, or transferred without any limitations on its duration. Additionally, a freehold estate may include fee simple estates, but it can also refer to other types of ownership, such as life estates, that are not inheritable, transferable, and perpetual.