here is a list of what are common and not so common defects
Bark inclusion or pocket – a piece of bark wholly or partially enclosed within the wood, which is weakened as bark a result.
Blackheart – abnormal black or brown discoloration of the heartwood, which is not necessarily decayed. Ash (Fraxinus spp.) can be prone to this.
Black Stain - Usually caused by a piece of metal being encased by a growing tree.
Blue stain, sap stain or sapwood stain – a bluish or light grey discoloration of sapwood, brought about by the growth of dark-coloured fungi in the interior and on the surface of the wood.
Bow – the form of warping in which a board is bent or bowed lengthwise.
Brittleheart – heartwood that snaps easily across the grain as a result of compression failure in fibres during growth.
Canker – a disease-damaged area of a tree, usually caused by bacteria or fungus.
Case-hardening – a defect of seasoning, where the surface of the wood dries faster than the core. This causes permanent stresses and ‘see’ (deformation) that are released when the wood is cut, resulting in severe distortion.
Check – a longitudinal crack that does not go through the whole log or plank; usually caused by too-rapid seasoning.
Chipped grain – torn grain due to poor machining or finishing.
Collapse – a caved-in cell structure, caused during drying, giving a shriveled or irregular appearance.
Common furniture beetle – Anobium punctatum, commonly known as ‘woodworm’, one of the most widespread insect pests. The damage is done by grub, which can live in the wood for up to two years before emerging as an adult.
Compression wood – see reaction wood.
Crack – a large radial check, caused by tangential shrinkage being greater than radial shrinkage.
Crook – similar to bow, but curving in the plane of the thin edge, rather than the wide side of a board. Also, a tree typified by a sharp bend in the stem.
Cupping – bending as a result of shrinkage across the width of a board.
Cup shake – a split caused by lack of cohesion between the annual rings.
Death-watch beetle – Xestobium rufovillosum, a beetle that is about ¼ in (6mm) long and very destructive to structural beams. The adults make a ticking noise, hence the name.
End check – the separation of wood cells along the grain at the end of a piece of wood, caused by uneven drying.
Gum, sap and pitch – resinous liquids found on the surface or in pockets in the interior of certain woods.
Gum canal – an intercellular cavity, found in woods that may contain gum, latex or resins.
Heart pith – the soft, spongy heart of a tree, which may appear on the surface of sawn timber.
Honeycombing – a network of checks in the interior of timber, not seen on the outside.
Knot – a section through a branch or twig which became embedded in the tree as the trunk continued to grow around it. Several types may be distinguished:
branched know – two or more knots coming from a common center.
dead, encased or loose knot – formed when the trunk grew round a dead branch. The knot is surrounded by a ring of bark and is often decayed. It may fall out, leaving a knot hole.
live, intergrown or tight knot – the base of living branch, surrounded by growth rings and firmly fixed in the surrounding wood.
pin knot – a knot whose diameter does not exceed ½ in. (13mm).
spike or splay knot – a know which has been sawn lengthwise when the wood was converted. It may be tight at the base, but loose near the surface of the log.
Lyctid borer – see powder-post beetle.
Machine burn – burn marks on the surface of converted wood as a result of poor sawing or machining.
Pitch pocket – a typically lens-shaped space, containing liquid or solid resin, that extends parallel to the annual growth ring in certain coniferous woods.
Powder-post beetle – a beetle (Lyctus spp.) which attacks the sapwood of hardwoods with large pores, including as (Fraxinus spp.) and oak (Quercus spp.).
Reaction wood – abnormal wood formed under the stress of compression or tension during growth, such as on the underside of a branch or leaning trunk (compression wood), or the upper side of a branch near the trunk (tension wood). The cells are typically shorter and thicker-walled, with spiral markings. The wood tends to be of poorer quality and not desirable for commercial purposes.
Ring check, ring failure or ring shake – a separation of the wood fibres parallel to and between annual rings in the growing tree.
Rot – a generic term for several types of fungal decay, such as:
brown rot – the cellulose and associated carbohydrates are attacked, but not the lignin. This usually gives a light brown stain and a friable texture. At an advanced stage the wood will split along rectangular planes as it shrinks; this is referred to as cubical rot
butt rot – a common disease in which fungal infection degrades the roots and stern of a living tree. Frequently caused by the fungus Heterobasidion annosum.
dry rot -- a general term applying to any crumbly rot, but particularly one in which the wood is easily crushed into powder; typically caused by Serpula lacrymans fungus.
soft rot – this occurs in the outer layers of wood in very wet conditions, such as in boats. The secondary cell walls are attacked by microfungi that destroy the cellulose content. Typically caused by the fungus Chaetomium globosum.
wet rot – usually occurs in persistently damp conditions, and can be caused by a wide variety of fungi.
white rot – a variety of fungus that attacks lignin and cellulose, creating a spongy, stringy mass, which is usually whitish, but may have shades of light brown, yellow or tan.
Sap or sapwood stain – see blue stain.
Shake – a split in wood, normally parallel to the growth rings.
Skip – an area of a board that the planer has failed to surface.
Spalting – partial fungal decay that often causes discoloration or fine irregular lines. It can be attractive for decorative turnery and the like, but the wood has lost its strength qualities.
Twist – a type of warping in which the ends twist in opposing directions.
Wane or waney edge – the presence of the outer surface of the trunk on the edge or corner of a board; bark may be present, or part of the edge may be missing.
Warping – any deviation from a true or flat surface. This can include bowing, crooking, cupping, twisting or a combination of these.
Wormhole – any hole made by boring insects or their larvae.
note most of these where taken from the net
just remember that what one person sees as a defect others see as a desirable trait