Step 1: Analyze option (A).
Since \( PQ = 0 \), the range of \( P \) lies in the null space of \( Q \). Also, since \( QP^T = 0 \), the range of \( Q \) lies in the null space of \( P \). Hence, option (A) is true.
Step 2: Analyze option (B).
The rank-nullity theorem gives that the rank of a matrix is at most the smaller of the number of rows or columns. Hence, \( \text{rank}(P) + \text{rank}(Q) \leq 4 \). Therefore, option (B) is true.
Step 3: Analyze option (C).
If \( \text{rangspace}(P) = \text{nullspace}(Q) \), then we can deduce that \( \text{rank}(P) + \text{rank}(Q) = 4 \) since the dimensions of the range and null space are equal. Hence, option (C) is true.
Step 4: Analyze option (D).
Since \( PQ = 0 \) and \( QP^T = 0 \), the rank of \( Q \) is not necessarily equal to the nullspace of \( P \). Hence, option (D) is false.
Step 5: Conclusion.
The correct answer is (B), as \( \text{rank}(P) + \text{rank}(Q) \leq 4 \).