Final answer:
A broker does indeed have limited authority to sell or exchange property, making the statement True. Regarding the proprietary colony, proprietors had multiple responsibilities, not just profit collection, so that statement is False. The sale of securities is regulated and supervised by authorities to maintain standards.
Step-by-step explanation:
The statement that a broker is an agent who has limited authority to sell or exchange property is True. Brokers are intermediaries who facilitate the buying and selling of properties, goods, or services, often on behalf of others, and they do typically have limited authority outlined by the terms of their brokerage agreement.
In reference to the proprietary colony question, the statement that proprietors have no responsibilities except to collect the profits is False. In a proprietary colony, the proprietors were responsible for managing the colony's affairs, including laws, governance, and development, while also seeking to make it profitable.
Regarding the sale of securities, the regulation and supervision of brokers, dealers, and bankers involved in such transactions is usually handled by governmental or regulatory bodies to ensure legal and ethical standards are met within the financial marketplace.