NM (Near Mint) The vinyl looks glossy and clearly has only been played a few times. There are no marks on the vinyl and the whole package is complete. 

The sleeve may have very light corner wear, the odd small dent / line.

EX (Excellent) very light marks where the vinyl has been in and out of the inner sleeve a few times, or tiny signs of use generally.

VG+ will show some signs that it was played and otherwise handled by a previous owner who took good care of it. Defects should be more of a cosmetic nature ( A little rub, slight scuffs, light inaudible marks, a little background crackle.) Sleeve will show some wear such as light creases but will be in-tact.  There may be light ring wear / discolouring. 

VG  marks or scuffs may be felt by finger-tip touch, Light pops and clicks, an edge split, light visible scratches. may be evident as will background noise.  Generally these will not over-power the sound quality but are present.  

Sleeves may have seam splits, more significant wear / ring-wear / discolouring

GOOD+/GOOD - Can be played through without skipping. But will likely have significant surface noise, 'ticks' scratches, and visible groove wear. 

Sleeve will have seam splits, especially at the bottom or on the spine. Tape, writing, ring wear, or other defects will be present.