What does the permission “Take Ownership” do for a user that does not have administrator permission?

So, I was messing around in a virtual machine (Windows 7, but it should be the same in Windows 10) in which I was messing around with folder/file permissions, and then I wondered what would happen if I gave a standard user (no admin priviliges) the permission to take ownership. That did not do anything for the user account. So what does that “Take Ownership option” do?

Here is a picture of what I am doing