Property Ownership
In New Jersey, 'air rights' refer to:
AThe right to breathe clean air guaranteed by the NJ LAD
BThe rights to use and develop the space above a parcel of land, which can be bought, sold, or transferred✓ Correct
CFAA regulations governing flight paths
DThe right to install HVAC systems
Explanation
Air rights are property rights in the space above a parcel. In NJ, particularly in urban areas like Newark and Jersey City, air rights above existing buildings can be sold or transferred to allow additional development above existing structures (e.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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