Kevin Carlson's comment is the appropriate one, considering what this assignment is. Translating "vague conditions [for a set]" into "something like $S=\{s:\phi\}$" is precisely what the assignment is asking.
Many sets are formed in this way, in naive set theory or more formal axiomatic systems -- see Hagen von Eitzen's answer, where some of the criteria he give (especially the fourth) refer to sets defined by the satisfaction of some property.
This type of notation is called "set builder notation."
For example, if I said "formally define the set of all red objects" you might say:
$$S=\{x:x\mathrm{\ is\ red}\}.$$
That would be fine, and context would tell me the universal set (from which all $x$ would be drawn) is the appropriate contextual universe (the real universe, in this case). We might have to argue whether "being red" is really a formal property, but that's an argument for philosophy or physics.
Now, if I said "formally define the set of all red real numbers" you could say:
$$S_2=\{x:x\in\mathbb{R}\mathrm{\ and\ }x\mathrm{\ is\ red}\}.$$
In order to avoid clumsy use of language in the set, you can define a logical predicate (or perhaps you'd call it a "property") $R(x)$ to denote the state of being red. This would simplify the previous:
$$S = \{x:R(x)\},$$
$$S_2 = \{x:x\in\mathbb{R}\ \&\ R(x)\}.$$
Here I'm using "&" as the formal logical operation "and." That may also be written:
$$S_2 = \{x\in\mathbb{R}:R(x)\}.$$
There, it's a little more clear that being a real number is not a condition, so much as a reminder of which universe our $x$ will come from (whereas $R(x)$ is the condition).
Here are some more examples:
Vague definition: Triangles with area 7
Formal definition: $\{\Delta PQR: A(\Delta PQR)=7\}$
Vague definition: Numbers that solve certain equations
Formal definition: $\{x\in\mathbb{R}:p(x)=0\ \& \ f(x)=0\}$
Vague definition: Numbers that are the sum of three squares
Formal definition: $\{n\in\mathbb{N}:n=a^2+b^2+c^2\}$
Note: Often we get away with being vague even in the formal definition, which might be more properly written as:
$$\{n\in\mathbb{N}:\exists a,b,c\in\mathbb{N}\mathrm{\ s.t.\ } n=a^2+b^2+c^2\}.$$
Vague definition: Numbers not divisible by 3 or 5
Formal definition: $\{n\in\mathbb{Z}:3\not|\ n\ \&\ 5\not|\ n\}$ (or many alternative expressions)
Vague definition: Non-rational numbers
Formal definition: $\{r\in\mathbb{R}:r\not\in\mathbb{Q}\}$
Vague definition: All residue classes that have multiplicative inverses mod 15.
Formal definition: $\{1, 2, 4, 7, 8, 11, 13, 14\}$
In that last case, you could write down something similar to "numbers not divisible by 3 or 5" but if you can literally list all the elements of a set, that is also a formal definition. It's more concrete, but less recognizable (given that set, would you infer the property that each one is invertible mod 15?)
Those definitions aren't "vague" so much as just "not written as a set." (If it were truly vague, you might not be able to write it formally). In some cases the universe ($\mathbb{Z},\mathbb{R}$) is inferred -- I'm assuming "Non-rational numbers" will mean reals, for example. In the case of the triangles, I'm not even stating the universal set, which is fine (where else would $\Delta PQR$ come from, if not the universe?).
Others have mentioned that not all expressions concocted this way are legitimate, due to issues with naive set theory -- you can conjure up some paradoxical predicate that will create an inconsistency. The classic example of this might be Russell's paradox, in which the predicate is $NSC(x)$, which is true when $x$ does not contain itself as a member (Not Self Containing).
It refers to sets, so $NSC(x)$ is not true for anything that is not a set. However, in a naive scheme, the set $INF$ of all infinite sets would surely have $NSC(INF)$ true, since there are (in a typical naive set theory) definitely infinitely many infinite sets.
But if $RP=\{x:NSC(x)\}$, then what is $NSC(R)$? If it is true, then $RP$ must contain itself, which means $NSC(RP)$ must be also false! (And vice-versa.)
However, I would hope that your assignment is paradox free!