Final answer:
It is True that a real estate broker owes fiduciary duties to their principal, obligated to act in their best interests. The notion that Proprietors in a proprietary colony had no responsibilities except profit collection is False; they had various governance and management duties. Ross's prima facie duties also reflect general principles of moral commitments in society.
Step-by-step explanation:
The statement that a real estate broker owes fiduciary duties to his/her principal is True. A real estate broker acts as an agent for their client, who is the principal, and in that role, they have a legal obligation to act in the principal's best interests, including duties of loyalty and care. The broker must act with honesty, integrity, and confidentiality, putting the principal's interests above their own, and disclosing all material facts that might affect the principal's decision.
In the context of a proprietary colony, the statement that Proprietors have no responsibilities except to collect the profits is False. Proprietors, who were the individuals or groups granted control of such colonies, had a range of responsibilities beyond just profit collection. These included governing the colony, overseeing trade and agriculture, managing relations with Indigenous peoples, and ensuring that the colony was sustained and developed in a manner consistent with the crown's guidelines and interests.
Ross identified five prima facie duties that are moral commitments, which include the duties of fidelity, reparation, gratitude, promoting good, and non-maleficence. These relate to the broader principles upon which fiduciary duties and other obligations in various facets of society, including real estate and colonial administration, are built.