A level 3 priority is characterized by which of the following?

A level 3 priority alert in the A320 cockpit is characterized by a continuous chime, which is an indicator of important, but non-critical, situations that require crew awareness and potential action. The continuous chime serves as an auditory warning, alerting the flight crew to a situation that may need immediate attention, enhancing situational awareness and prompting further investigation.

The other options do not represent the level 3 priority correctly. A flashing master caution light indicates a higher priority situation, while an amber caution light generally corresponds to a maintenance-related issue or a warning that requires monitoring but does not necessitate immediate action. Silent operation, by contrast, would not provide any alert to the crew that might signify an issue requiring attention. Thus, the continuous chime accurately reflects a level 3 priority scenario that enhances the crew's response to operational conditions.