Final answer:
Several people concurrently own a piece of property. They may not own the property as Property rights
Step-by-step explanation:
In the context of the question, property rights is the subject being discussed. Property rights refer to the legal rights of ownership that enable individuals or firms to own, use, and transfer property. Property rights are the legal rights of ownership that individuals or firms have over property. They are important for defining responsibilities and resolving disputes.
It is important to define property rights because they determine the responsibilities and liabilities associated with owning property. Clear property rights help resolve disputes and incentivize individuals to take appropriate actions to minimize risks and enhance the value of the property.