What does the term "appurtenance" refer to in real estate?

Appurtenance in real estate refers to a right or privilege that is associated with a piece of property and transfers with the property upon sale. This can include easements, rights-of-way, or access rights that allow the owner to make use of adjacent or neighboring properties. It signifies that there are certain rights that benefit the property in question, making it more valuable or usable.

A zoning exemption, a limitation on property rights, and a financial obligation of property ownership do not accurately capture the essence of what appurtenance means. Zoning exemptions pertain to land use regulations and do not imply ownership rights associated with a property. Limitations on property rights describe restrictions rather than benefits or rights that accompany the property. Financial obligations relate more to the duties of property ownership, such as taxes or mortgage payments, rather than entitlements or privileges connected with a property.

Therefore, option A is the correct interpretation as it emphasizes the rights related to property that can enhance its utility and value through appurtenances.