The six states of a listing
Your listing has six states: draft, pending review, published, rejected, paused and archived. The moves between them are enforced in the database, not only on the screen.
You hold your own side. You send a draft for review, pull a listing waiting for review back into editing, and return a rejected listing to draft so you can fix it.
An administrator is the only one who approves or rejects. A finished listing does not reach the site until someone has looked at it.
A published listing and a paused listing move into each other at any time. Changing the content of a listing that was already approved sends it back for review, and it leaves the site until it is approved again.