What type of covenant expires upon a transfer of the property?

Covenants in gross are specific types of agreements that do not attach to the land or property but rather are personal to the party that holds them. This means that when the property is transferred, these covenants do not convey with the property and thus effectively expire with the transfer. This characteristic distinguishes them from other types of covenants, such as those appurtenant, which usually remain in effect upon the property's transfer because they are tied to the land itself rather than the property owner.

In contrast, covenants appurtenant benefit the land and are typically enforceable even after the transfer of the property, as they run with the land. Exclusive rights generally refer to special permissions or privileges that may also extend beyond a single owner's tenure and could remain in effect after a transfer. Conditional covenants are based on certain conditions that, if not met, may lead to enforcement actions or voiding, but they generally do not expire merely upon transfer.

The nature of covenants in gross clearly illustrates why they are the correct answer, as they remain personal in nature and cease to have validity once the property owner is no longer in possession of the land.