The concept of Market Value in real estate refers to the most probable price at which a property would sell in a fair, open, and competitive market, with both buyer and seller acting prudently and knowledgeably, without compulsion.
Price fixing is an illegal practice where competing businesses agree to maintain uniform prices for goods or services, including real estate commissions. This anti-competitive behavior is regulated by antitrust laws to ensure fair market practices.
Residual Demand refers to the amount of product (such as houses, office space, or building sites) that a specific provider can expect to sell in a particular market. This concept involves understanding the provider's expected market share within a competitive market, influenced by factors such as the attractiveness of the provider's product compared to the competition and how well the existing market is currently served.
