Fee simple is an ownership interest in real property that is the most full, unlimited, and absolute property interest recognized by law. This ownership interest of title in fee simple is also referred to as fee simple absolute; estate in fee simple; fee simple title; or simply fee, and the term is usually used to indicate the real property ownership interest a seller is transferring to a buyer.

The rights of a fee simple property owner are limited by the government’s power to tax the land (property taxes) and to purchase the land through the compulsory process mandated by state law—often as provided in the state’s constitution or in the state’s statutes—which is known as eminent domain.

In limited circumstances fee simple ownership may also be subject to the state’s police powers, the law of escheat (when the property owner dies without a will and without heirs), and encumbrances or deed restrictions on the use of the land.

In Wyoming, fee simple ownership represents the most comprehensive type of real estate ownership. The holder of a fee simple title has the greatest aggregation of rights, privileges, and powers possible under the law. The owner can use, enjoy, and dispose of the property without any limitations, except those imposed by governmental powers. These limitations include the obligation to pay property taxes to the state and the possibility of the government taking the property through eminent domain, which is the right of the government to expropriate private property for public use, with compensation. Additionally, the state's police powers may impose regulations for the general welfare, such as zoning laws. If a property owner passes away intestate (without a will) and without heirs, the property may escheat, or revert, to the state. Lastly, fee simple ownership may be subject to encumbrances or deed restrictions, which are limitations placed on the use of the property that must be adhered to by the owner. These legal principles are grounded in Wyoming statutes and the state's constitution, and they frame the extent of rights and limitations associated with owning property in fee simple in Wyoming.