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In this video, the speaker explains the difference between "cancelled" and "withdrawn" listings in real estate. A cancelled listing indicates that the listing agreement between the seller and broker has been completely terminated, signifying that all aspects of the transaction have ceased. Conversely, a withdrawn listing means that the seller and broker have decided to stop marketing the property, but some issues remain unresolved, such as disputes regarding payments or agreements. The speaker emphasizes the common misuse of these terms and highlights the importance of understanding their distinct meanings in the context of real estate transactions.