* Verb (past participle): This is the most common usage. For example: "The instructions were understood by everyone."
* Adjective: This is less common but still valid. For example: "She gave me an understood look."
* Interjection: This is very informal and usually used in a conversation to confirm agreement. For example: "You're coming to the party, right? Understood."
To determine the part of speech, you need to look at the context of the sentence.