BF70x multi-master TWI

Please provide clarification on the TWI_MSTRSTAT register. Should the BUSBUSY, LOSTARB and/or MPROG bits be polled before initiating a transaction? Or are these conditions that are handled by the hardware (i.e. the TWI block will wait until the bus is not busy to start a requested transaction) and just provided as information?

Are there any app-notes about multi-master TWI on the BF70x?