What the simplified rule leaves out
Label: original limits. The archived Windows Server 2008 file-server page.

That page says share permissions and NTFS permissions are independent, and that the more restrictive of the two is applied to network access.
It also says share permissions do not restrict a local user of that computer.
The page is archived. It is not a current Windows build manual. A current training URL redirected away from the module, so that module body was not read.
This lesson does not quote the SMB protocol specification. SMB here means the file-sharing service that offers the share.

Not in the course rule: an explicit deny, inherited entries, the Creator Owner identity, Full Control, or taking ownership.
A real system needs those records before anyone calls the result effective access.