GLOSSARY 575

FEDERAL RESERVE SYSTEM — The federal banking system of the United States under the control of central board of governors (Federal Reserve Board) involving a central bank in each of twelve geographical districts with broad powers in controlling credit and the amount of money in circulation. FEE — An estate of inheritance in real property. FEE SIMPLE — The maximum possible estate in land in which the owner holds unconditional power of disposition; an estate freely transferable and inheritable. the estate may be terminated. FEE SIMPLE ESTATE — The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.