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IOBA Condition Description Definitions
Independent Online Booksellers Association
For many years, the grading system defined by AB Bookman (now sadly defunct) was the standard in the antiquarian book trade. IOBA's standards, listed below, do not fundamentally differ from those standards though they have been expanded upon, and defined a bit more specifically. 

(Condition normally shown as __/__, i.e., F/F, denoting first book & then dustjacket condition) 

AS NEW (AN) or VERY FINE (VF) or MINT (M): Without faults or defects, unread, in the same immaculate condition in which it was published (Note: very few "new" books qualify for this grade, as many times there will be rubs/scuffs to the dustjackets from shipping, or bumped lower spine ends/corners from shelving). 

FINE (F): Approaches the above, but not crisp. May have been carefully read and dustjacket may have been slightly rubbed or spine ends slightly bumped from shelving/shipping, but no real defects or faults. 

(NOTE: From here on, there may be "+" and "-" in a grade, which will mean that it is above the grade noted but not quite to the next higher grade for "+", and that it is below the grade noted but not quite to the next lower grade for "-". 

NEAR FINE: Also used, although not contained in Bookman's Weekly definitions, meaning a book or dustjacket approaching FINE but with a couple of very minor defects or faults. 

VERY GOOD: A used book showing some small signs of wear on either binding or dustjacket. Any defects/faults must be noted. 

GOOD: The average used and worn book that has all pages or leaves present. Any defects must be noted.

 FAIR: A worn book that has complete text pages (including those with maps or plates) but may lack endpapers, half-title page, etc. (which must be noted). Binding, dustjacket, etc. may also be worn. All defects/faults must be noted. 

POOR or READING COPY: A book that is sufficiently worn that its only merit is the complete text, which must be legible. Any missing maps or plates should still be noted. May be soiled, scuffed, stained, or spotted, and may have loose joints, hinges, pages, etc.

EX-LIBRARY: Must always be designated as such no matter what the condition of the book. 

BOOK CLUB: Must always be noted as such no matter what the condition of the book. 

BINDING COPY: A book in which the pages or leaves are perfect but the binding is very bad, loose, off, or non-existent.

REMAINDER MARKS, BOOKPLATES, PREVIOUS OWNER'S NAME: Should be noted unless you explain in your general information that you do not note such.  Bargain Treasures DOES NOT note such.

Always, if issued with one, the lack of a dustjacket or slipcase should be noted.