As explained to me (OBDII test)
One monitor not ready = pass.
Two monitors not ready = eligible for conditional (24hrs + driven at least 30kms before retest) but it's a one time thing, need to pass legit next time
Engine light on or any stored codes = fail.

Disturbing part of this, exceptions to the rule seem to pop up from time to time such as,
-one above
-a vehicle that passes with only two monitors turned on but showing ready (meaning, monitors such as misfire, EVAP, 02's ready etc are shut off)