Which of the following accurately reflects Delaware's fee tail regulation?

Delaware's fee tail regulation is recognized in a modified form, which means that while traditional fee tails, which restrict the inheritance of property to specified heirs, are not available in their original form, Delaware does allow for certain modified structures that achieve similar effects.

Specifically, fee tails as a legal concept are largely considered outdated, and states have moved toward more flexible estate planning tools, such as life estates or broader forms of inheritance that avoid the complications associated with fee tails. In Delaware, the modification allows for a more flexible approach while still acknowledging the intent behind fee tail arrangements, enabling property conveyance that limits the transfer to specific heirs but does not bind the property in the rigid mold of a traditional fee tail.

The other options do not accurately represent the current status of fee tail regulation in Delaware. While it has indeed been abolished in its traditional sense, stating that it still exists in its original form or is only applicable to commercial properties is misleading, as Delaware law has evolved to adapt to modern estate planning needs.