Raw Card
A raw card is any card that has not been graded and encapsulated by a grading company — loose, ungraded, and condition-unverified.
Raw simply means ungraded: the card is loose (or in a penny sleeve and toploader) rather than sealed in a grading company's slab. Most cards in circulation are raw, and most trading happens in raw cards.
The catch with raw cards is that condition is whatever the seller says it is — "Near Mint" in a listing is an opinion, not a certificate. That is why identical cards sell for less raw than graded at high scores, and why buyers scrutinize photos for whitening, scratches, and centering. Practical tip: when buying an expensive raw card, request photos of all four corners and the surface under angled light; those areas decide the grade if the card is ever submitted.