Yes, grade is a Scrabble word!

Verb

1. Assign a rank or rating to

2. Level to the right gradient

3. Assign a grade or rank to, according to one's evaluation

4. Determine the grade of or assign a grade to

Noun

1. A body of students who are taught together

2. A relative position or degree of value in a graded group

3. The gradient of a slope or road or other surface

4. One-hundredth of a right angle

5. A degree of ablaut

6. A number or letter indicating quality (especially of a student's performance)

7. The height of the ground on which something stands

8. A position on a scale of intensity or amount or quality

9. A variety of cattle produced by crossbreeding with a superior breed