Washington State Real Estate Practice Exam

A property is commonly listed as "pending" in the Multiple Listing Service (MLS) when a seller has accepted an offer from a buyer, but the transaction has not yet reached the closing stage. This status indicates that a formal agreement has been made, and the involved parties are working towards completing the sale. It reflects a crucial phase in the buying process where the seller is no longer actively marketing the property, as they are committed to letting the buyer fulfill the terms of the purchase agreement. The pending status is particularly important for conveying to other potential buyers that the property is off the market, which helps prevent further inquiries or offers during this transitional phase. It is important to note that a pending status does not guarantee that the sale will close, as there are still various inspections, financing approvals, and other contingencies that must be resolved before the sale is finalized.