Step 1: Understanding Potential Evapotranspiration.
Potential evapotranspiration (PET) refers to the evapotranspiration rate that occurs when there is sufficient moisture available in a fully vegetated area, and the conditions are ideal for maximum water loss through evaporation and transpiration. It is the theoretical maximum evapotranspiration that would occur under these conditions.
Step 2: Conclusion.
Thus, the correct definition of PET is evapotranspiration when there is sufficient moisture available in a fully vegetated area, making option (1) the correct answer.
Final Answer:
\[
\boxed{1. \, \text{Evapotranspiration when there is sufficient moisture available in a fully vegetated area}}
\]