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ACT - Plan ol' Active status. Not under contract.
OPT - Active Option. There is a contract on the house, and they are doing inspections and negotiating repairs. CON - Active Contingent. There is a contract that has to clear some contingency. The most common contingencies are the buyer's financing, the buyer selling another home, and the bank approving a short sale.
KO - Active Kick Out (also called Active Knock Out). There is a contract with a contingency for the buyer selling another home, BUT the seller has the right to kick/knock out the 1st buyer if they have a 2nd (backup) contract. In this instance the 1st buyer has a set amount of time (usually 2-3 days) to waive their contingency or they are kicked/knocked out of the contract and the 2nd buyer becomes the primary contract.
PND - Pending. The contract has been cleared of contingencies, and they are just cruising to closing.
Depending on the market you're in and what your specific needs are as a buyer, each of these status except the plain ol' Active status are approached a little different
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