The grade of a card is determined by weighing the condition or quality of four basic aspects of the card. Sometimes, it's easy to grade a card because one aspect is defective, and it's generally recognized that if that particular aspect is defective in a certain way, the card should get a certain grade.
Other times it is much harder to grade a card, since the relative condition of several aspects of the card must be taken into account. I think that in most cases, a card is graded based upon its worst feature. If other features of the card are particularly good, the grade of the card might lift slightly, and if several of the card's features are equally bad, it might sink a bit.
Subjectivity in grading comes when people don't agree upon how bad the features are, and/or when they don't agree about how the conditions should interact.
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