In a fiduciary relationship, which of the following duties is an obligation of a licensee?

Subrogation refers to the legal right for one party to step into the shoes of another party to claim rights or recover damages. While it relates to certain legal and insurance contexts, it is not a duty owed by a licensee in a fiduciary relationship. The primary focus of a licensee's obligations is on disclosure and loyalty to their client, not on subrogating rights.

Estoppel is a legal principle that prevents a person from arguing something contrary to a claim made or implied by their previous actions or statements. While important in various legal contexts, estoppel does not directly relate to the duties of a licensee within a fiduciary relationship, where the primary focus is on transparency and the duty to inform.

Agency refers to the relationship where one party, the agent, acts on behalf of another, the principal. While a licensee may operate within an agency framework, it is not a specific duty owed by the licensee. Instead, the duties of disclosure, loyalty, and care define the licensee's obligations toward their clients.