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In this video, the speaker explains the distinction between "canceled" and "withdrawn" listings in real estate. A canceled listing signifies that the listing agreement between the seller and the listing broker has been fully terminated, indicating a complete cessation of the sale process. In contrast, a withdrawn listing suggests that while marketing and showing the property have stopped, some unresolved business remains. This could involve disputes regarding financial obligations between the parties involved. The video emphasizes the frequent misuse of these terms and clarifies their specific meanings in real estate transactions.