Which of the following statements about a property owner placing a restriction on a deed is true?

When a property owner places a restriction on a deed, they have the ability to include a time limit on that restriction, making this statement true. This means that the restrictions can be set for a specific duration, after which they might no longer apply unless explicitly extended or made permanent in some manner. Time limits can provide flexibility in enforcing specific uses or conditions on the property without permanently binding future landowners to those rules.

While there are various approaches to property deed restrictions, the ability to impose a monetary penalty or to notify all future owners of the restriction are not general requirements or capabilities within the standard framework of deed restrictions. Additionally, while a property owner can place restrictions, once applied, they can often be modified or removed under certain conditions, which directly contradicts the notion that they cannot change the restriction once applied.