The example in Excel Help states the following:
The following formula checks cell E50 to see whether it contains a #N/A error value. If it does, the text "Value is not available" is displayed. Otherwise, the value in E50 is returned.
IF(ERROR.TYPE(E50)=7, "Value is not available", E50)
As the syntax shows, the ERROR.TYPE function returns a #N/A error if it
refers to a cell that contains a proper value. This error also causes the
IF statement to return such a value. You cannot use this function this way
without first trapping the error returned by ERROR.TYPE.