Yes. The standard is from Goldmine magazine, which is for record collector's. Here is a link to one reprint of the grading system:
There is a Goldmine standard on grading records. Basically it sais that if the record doesn't skip it's good otherwise it's trash.
Mint means new or unplayed.
Near-mint looks like new plays like new but "doesn't feel like new"
VG+ looks barely used and with high-quality pickup will produce no surface noise or very slightly audiable.
VG looks used but not abused and plays with audiable surface noise on the quiet tracks and between the tracks and had been played quite often even small clicks and pops can be also the case.
VG-, G are near on the grading where the record plays with surface noise clicks, pops but doesn't skip.
Fair, Poor are also near on grading where you can have skips... Certainly on Poor record you can have them probably on every song.
To my collection standards I don't buy and even don't sell records bellow VG+ unless the record is real treasure and original.