What status should a licensee change an accepted offer to purchase contract in the MLS?

When a licensee receives an accepted offer to purchase contract, the appropriate status to update in the Multiple Listing Service (MLS) is "Pending." This status indicates that the property is no longer actively for sale because an offer has been accepted, but the transaction has not yet closed.

Changing the status to "Pending" serves to inform other agents and prospective buyers that the property is under contract and that the seller is not considering new offers. It reflects the progression of the sales process, demonstrating that the property is in the process of being sold, increasing transparency in the market.

Updating the status to "Active" would imply that the property is still available for showings and offers, which is not accurate once a contract has been accepted. "Closed" status is reserved for properties that have completed the sale transaction, while "Withdrawn" indicates that the listing has been removed from the market, which also does not apply in the case of an accepted offer. Therefore, "Pending" is the correct choice as it accurately represents the current standing of the property in the sales process.