You mean if you were to sell it and move?

Yes you can and you can also offer it as two tax lots under one sale.

What this means is that sometimes people want the full 1/4 acre. If they want this then they may buy two adjoining 1/8 acre lots and have the rejoined (not easy but it happens) to form one tax lot.

Since after the division into two lots is done they are two seperate pieces of property and the easement holds regardless of who owns it unless they petition for a repeal of the easement. While the easement exists on the property there are building restrictions to the strip of land that it applies to.

Example...you have an easement that allows for a drive to be built accessing the house behind yours. In this case you could not build in such a way that it hinders the existing or a future drive through your property....it must remain useable by the other property.