Which of the following best defines restrictive covenants?

Restrictive covenants are specific clauses included in property deeds or leases that impose limitations on how the property can be used. These covenants are typically intended to maintain a certain standard within a neighborhood or community, protect property values, or ensure particular uses of the land that align with the interests of the community.

In this context, the correct choice emphasizes the limiting nature of these covenants, which can dictate things such as the types of buildings that can be erected, the allowable activities on the property, and other conditions that the property owner must follow. For example, a restrictive covenant might prohibit the construction of fences above a certain height or restrict the property to residential use only.

The other options, while they touch on important aspects of property and land use, do not accurately define restrictive covenants. For instance, property tax exemptions are a benefit rather than a limitation, zoning laws are broader regulatory frameworks, and building codes set standards for construction but do not impose restrictions on ownership or use in the manner that covenants do. Therefore, the definition provided in the correct answer aligns perfectly with the fundamental purpose and function of restrictive covenants in real estate.