All level means the property has no stairs. It is not a 2 story house. The living room, kitchen, bedrooms, and everything is all on the same floor. 2/2 means that that the house has 2 bedrooms and 2 bath rooms.
Now the house could be an all Level, and you might have to walk up stairs to get to the upper Level, if the property is a Condo. Once you walk up the stairs, then every thing is all one Level.
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I wouldn't necessarily take "all level" to mean though that there are no stairs to get to unit. Or in some cases unit is up or down stairs or up an elevator but inside it is level. "Level in" would typically mean there are no stairs leading to the unit.
2/2 means 2 bedroom, 2 bath.
Hope that helps.