Which of the following represents a correct understanding of a restrictive covenant?

The correct choice captures the essence of a restrictive covenant, which is a legal promise included in a deed that imposes specific limitations on the use of the property by the buyer. This means that when a buyer acquires the property, they must adhere to certain restrictions that can dictate how they can use the land, such as prohibiting certain types of buildings or activities. Restrictive covenants are designed to maintain a certain standard or character within a community and protect property values.

In contrast, the other options refer to distinct concepts. A public right-of-way pertains to access over private land for the public, which does not incorporate the limitations on use that characterize a restrictive covenant. A communal area shared by property owners is about shared space rather than restrictions. An agreement for use of private land by neighbors reflects easements rather than the restrictions placed by a covenant. Municipal regulations govern development but do not constitute private agreements like a restrictive covenant. Lastly, a judicial order related to building codes focuses on compliance with regulatory standards, not on the private restrictions applied at the time of property transfer.