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

Subrogation is a legal concept often associated with insurance and financial transactions, where one party assumes the rights of another. It does not pertain to the duties of a licensee in a fiduciary relationship, as it primarily involves the transfer of rights rather than obligations related to client representation.

Estoppel is a legal principle that prevents a party from asserting something contrary to what is implied by a previous action or statement. While it plays a role in legal proceedings, it does not represent a duty of a licensee within a fiduciary relationship, as it does not involve the proactive obligation to act in the client's best interest.

Agency refers to the relationship where one party (the agent) acts on behalf of another (the principal). While a licensee may act as an agent, the term itself does not specifically denote a duty. Instead, it describes the nature of the relationship and the responsibilities inherent within it, which includes the duty to disclose.