A new listing either appears at once or after a moderator checks it. Its status is shown in My listings.
Depending on our current settings, a new listing either goes live straight away or waits for a moderator to check it. While it waits, Dashboard → My listings shows it as Pending.
Moderators check that the listing follows the listing rules: a real property, a real price, the right category, photos of this property and no duplicates. A listing that breaks them can be rejected or removed.