A right held by one or more persons to use and possess property to the exclusion of others is a/an:

The correct answer is a fee simple estate. This term refers to the highest form of property ownership in real estate, where the owner has complete control and rights over the property. A fee simple estate allows the owner to use, possess, rent, sell, or otherwise manage the property according to their wishes, and importantly, it grants them exclusivity over the property, meaning others do not have the right to use or possess it without the owner's permission.

This concept stands in contrast to other terms. A warranty involves guarantees or promises, typically related to the condition or title of a property, rather than ownership rights. An easement is a limited right to use someone else's property for a specific purpose, which does not equate to full ownership and exclusionary rights. The right of equity refers to legal rights and principles related to fairness and justice within the legal system, which does not pertain specifically to property ownership. Thus, a fee simple estate is the most accurate choice for describing the comprehensive rights to use and exclude others from a property.