Carmen, this America land of the free. People can sell their possessions for what they want. When you sell your home do you want a law to tell you what you can sell it for? Buyers are free to choose what they will or will not pay for a home, just as seller's can ask what they want.

Value is in the eye of the beholder.

Carmen - Hi.....

A seller may list their home at any price they choose to. It may be silly and a waste of time if the number is too high, but it isn't "illegal". If they can find an agent willing to work with them, they can list it anywhere they want.
Some selles will not accept the fact that their home is worth less than it was a year ago.......and a lot less than it was a few years ago. Those sellers have to find out the hard way by watching their home sit on the market with no offers.