I'd say "race ready" is a serious thing to consider. By "race ready" I'd mean the tires and tubes are in good shape so you're not going to blowout or flat, the chain and shifting system are strong and reliable so you're not going to skip gear teeth when you sprint, the bike's going to shift reliably, the chain's not going to break or fall off, etc. All spokes are checked to make sure none are loose, the wheels are trued, the seatpost bolt is in good shape and in general there aren't any loose or marginal parts on the bike that could created a danger for you or for other riders :-)
Oh yeah, and no oil spray nozzle out the back etc too.