Definitely a YMMV type of question. Strictly speaking, it could mean the razor works. For a TTO, that could be that the TTO mechanism opens and closes. Bars are aligned and straight. Other than that, it could be anyone's guess. I would also consider it to mean that most of the finish/plating/paint has worn off.
But again, YMMV. I've seen some things listed as user grade that I would rate anywhere between 2-8.