This is where the agent details the comparative market analysis and tells you what he thinks you can get for your house. Obviously, some level of agreement between you and the advisor is necessary.
What you are listening for is a fair market price based upon current market conditions and the urgency of your need to sell, as well as a strategy that makes sense if the house doesn't attract buyers and you need to cut your price to get more interest.
Don't be impressed by big numbers; some agents price everything high in order to impress potential clients. After the contract is signed, the house goes on the market at an inflated price before dropping to the more reasonable price suggested by less-aggressive (or, perhaps, more scrupulous) agents.
If the projected price is below your expectations, find out whether the agent's calculations or your impressions of the home are what is askew.
Make sure you know the agent's feelings about how long a home should sit on the market before dropping a price because you do not want the relationship with the agent to deteriorate later if there are pricing surprises. Many homeowner-broker relationships sour when the parties disagree on the next pricing move; since you both make money on the sale of the home, you are teammates, and you'll function best if you agree on strategies before the game begins.