Review, rejection and fixing
A listing you send for review moves to pending review. While it is there, nobody but you can see it.
An administrator approves or rejects it. Approval publishes the listing. A rejection must carry a written reason, and without one the database refuses the rejection itself.
The reason is shown to you. To fix it, return the listing to draft, edit it and send it again. There is no limit on the number of rounds.
A rejected listing is not deleted. It stays with you until you fix it or move it to the archive.