Heh-heh, they forgot my favorite: "Condition is used."

Look at how clean the seat lug cluster is. The binder ears look very clearly and cleanly brazed on, doesn't look like a cast lug. The lugs themselves don't look very thinned, which, combined with the plain and evidently brand-nobody's-ever-heard-of decals, and the mid-level parts, makes it feel like a very nice small-volume production frame.