Keller Williams Realty
It depends what's customary for the particular Multiple Listing Service. As Katina said, some will indicate a property is under contract with an inspection contingency, for example.
A major contingency (especially in a slow market) might be the sale of the Buyer's home. In such a situation, and if the contract has a "back up offer" addendum or "kick-out" clause, the MLS may allow agents to keep the property "active" with the notation that there is already a contract on the property, but the Seller is entertaining back-up offers.
In my MLS, short sales (pre-foreclosures) must stay in as "active" with a notation that says "Bring back-up offers" or similar language. And, for sale signs usually stay on the property until it closes.
All the best.
Maggie Hawk, REALTOR
Watson Realty Corp.
There are options available in the Multiple Listing Services that allow listing agents to reflect that the property is under contract subject to the inspection period.
There may be some back office issues going on as to why the property is showing as available. There is typically a lapse between the time when parties agree to terms and a document with all four signatures is obtained. This translates to "An acceptable offer has been received, I just don't have all the paperwork yet, but it's under contract."