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My first time using the service. I thought the License button would show licensing info, ie. if it's regular or premium. Is there a way to unlicense?
No, the license button licenses the asset. Premium assets are marked as such. There is no way to unlicense. Contact Adobe customer care or wait for someone from Adobe who monitors this forum to come to your rescue.
Adobe customer care can be contacted here: https://helpx.adobe.com/contact.html - click the small callout at the lower right of the screen and type "agent".