I interpret the prompt as "recognizable people or recognizable property". NOT "recognizable people or (any) property". After all, for generic property you never need a release, so it cannot mean "any property".
But I guess (and in line with other documentation) they consider imaginary persons to be recognizable property (never mind the logic), and thus want a release.
So, they should clearly clarify this prompt a bit, as right now it's a bit contradictory.
I interpret the prompt as "recognizable people or recognizable property".
By @Kronzky
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Recognizable person or property means (recognizable person) or (property).
FIRST CASE: Let's say you paint an original abstract picture and submit it to Stock.
It's not recognizable to anyone but you, it's an abstract. But it's an original artwork and is therefore private property. Your property. You as the artist must submit a signed property release giving Adobe Stock permission to sell it.
SECOND CASE: Now let's say you paint an original picture of your local bartender. You must submit TWO releases, a model release signed by the bartender and a property release signed by you as the artist.
It's the same for all mediums -- watercolors, finger paintings, digital drawings, or generative AI illustrations . You are submitting your artwork for sale. Complete a property release for each one. If your artwork contains a real person, also submit a model release.
Hope that makes sense.