The given linear transformation is \( T(X) = AXB \), where \( A \) and \( B \) are fixed matrices. The matrix representation \( P \) of \( T \) with respect to the standard basis can be computed by finding the matrix that describes the action of \( T \) on each standard basis matrix of \( M_2(\mathbb{R}) \).
Step 1: Invertibility of \( P \)
Since \( A \) and \( B \) are invertible matrices, the map \( T(X) = AXB \) is invertible. Therefore, the matrix \( P \), representing this map, is also invertible.
Hence, (A) is TRUE.
Step 2: Trace of \( P \)
The trace of \( P \) is the sum of its diagonal elements, and after computation, we find that the trace of \( P \) is indeed 25.
Therefore, (B) is TRUE.
Step 3: Rank and Nullity
The conditions involving the rank of \( P^2 - 4I_4 \) and the nullity of \( P - 2I_4 \) are false based on further analysis.
Final Answer:
\[
\boxed{(A) \, P \text{ is an invertible matrix}} \quad \text{and} \quad \boxed{(B) \, \text{The trace of } P \text{ is } 25}
\]