Which of the following is true about air rights?

Air rights refer to the right to use, lease, or sell the space above a piece of land, separate from the land itself. This means that air rights can be developed or utilized independently of the physical property on the ground. This concept is particularly relevant in urban areas where vertical development, like high-rise buildings, is common. Property owners may choose to lease or sell their air rights to developers who are looking to build upward, demonstrating the flexibility and marketability of these rights.

In contrast, the other options present misconceptions about air rights. They do not have a strict limit of 200 feet, as air rights can extend indefinitely, although practical considerations such as zoning laws and flight paths of aircraft typically govern how high developments can go. Additionally, air rights are distinct from subsurface rights, which pertain to the land and resources found below the surface. Finally, air rights are indeed considered a form of real property since they are associated with the physical land and contribute to its value. Thus, the ability to lease or sell air rights separately from the land underlines their significance in real estate transactions and development.