This is a realistic high-level GMAT question because it does not really test Parabolas. Notice that both of GMATBoost's explanations set b=0 in the examples to make the question into a simple algebra problem. It is fair game on the GMAT to give any function (I have been both quadratic and cubic functions in coordinate geometry questions in GMAC materials) and then ask about points on that curve, because "point on a curve" simply means "solution for x and y in this equation." As arashyazdiha explained, the question really reads,
"In the equation Y= a(x-b)^2 + P, can Y = 0?"
Taken together, we know that it's asking "Can 0 = negative + positive?" to which the answer is a definitive "Yes."
Don't dismiss seemingly "advanced" math topics as un-GMAT-like, but don't spend any time learning such advanced topics really. The GMAT will likely pull from very advanced-looking math content, but all questions are answerable using the limited algebra and strategic approach that we know and love from practice. So on test day, when you see something more "advanced" than you think it should be, you can be confident that there's really a simple algebra or number properties question hidden in there somewhere; all you have to do is find it!