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

The term "appurtenance" in real estate refers specifically to a right or privilege that is associated with the ownership of a property. Common examples of appurtenances include easements, which allow one party to use a portion of another’s property for a specific purpose, and water rights, which give property owners certain entitlements regarding the use of water resources.

Understanding appurtenances is crucial because they typically convey with the property when it is sold, meaning that the new owner inherits these rights or privileges. This concept emphasizes the interconnected nature of property rights and ownership in real estate transactions.

The other options provided do not accurately reflect the meaning of appurtenance. For instance, a real estate investment strategy involves different approaches to investing and does not encompass the rights associated with property ownership. An architectural feature relates specifically to the building's design rather than property rights, and a mortgage type pertains to financing options for purchasing property instead of ownership entitlements.