What term describes the lowest price a seller will accept and the highest price a buyer will pay?

The correct term that describes the lowest price a seller will accept and the highest price a buyer will pay is "market value." Market value is defined as the most probable price that a property should bring in a competitive and open market, where both the buyer and seller are informed, motivated, and not under duress. It reflects the point of agreement between seller expectations and buyer willingness to pay, thus encapsulating the dynamics of supply and demand in real estate transactions.

When analyzing other terms, "market price" refers to the actual sale price that a property achieves in the market, which may not necessarily reflect the negotiated terms or the perceived value by the buyer and seller. "Appraised value" is determined by a professional appraiser and represents an objective valuation of a property, but it may not align with what buyers are actually willing to pay or what sellers are willing to accept. "Negotiated value" is more informal and does not hold the same significance as market value, as it may refer to a specific price agreed upon between parties, without encompassing broader market dynamics.

Thus, "market value" is the most comprehensive term for understanding the relationship between buyer and seller in the real estate market.