When you reach the Basic Level you:

• Have a vocabulary of 1500+ of the most common words that you can understand. You can converse within that vocabulary as well as the main grammar of Spanish (6 verb tenses in the past, present and future, etc.)
• You can carry on simple conversations about many every-day subjects.
• You have a feeling of confidence and eagerness about becoming fluent now that you've had a taste of what it's like converse fluently.