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 their rights or remedies, often seen in insurance contexts. It is not a duty associated with fiduciary relationships or licensees, as it primarily pertains to the transfer of rights rather than the obligations of disclosure or loyalty.

Estoppel is a legal principle that prevents a party from arguing something contrary to a claim made or implied by their previous statements or behavior. While it can be relevant in legal disputes, it does not represent an obligation of a licensee within a fiduciary relationship, as it does not directly pertain to the duties owed to clients.

Agency refers to the relationship where one party, the agent, is authorized to act on behalf of another, the principal. While a licensee may operate under an agency relationship, the concept itself does not encapsulate the specific obligations owed to the client, such as the duty of disclosure, which is a crucial aspect of fiduciary duties.