If correctly wired, this measures the end to end resistance of the level control. Typical potentiometers like these are usually rated +/-20% for resistance precision, so technically the pot meets spec if it is between 80K and 120K - meaning that your measurement is fine.
The resistive trace is basically graphite, like pencil lead. IIRC, a slurry of paste is formed and then baked. This is not a precision process! Fortunately the absolute value is not important, only the proportion of the total as a function of setting matters.