You are right. When you "torque" a fastener all you measure is the friction that is present between the threads and the surface of the underside of the nut or bolt. If you try to check the torque on an already installed fastener, you will get a reading for static friction which means nothing. The proper method to retorque a fastener is to break it loose and then retorque it. This will not tell you what the tension was in the fastener before you loosened it, but it will be appropriately torqued. Of course the right way to "torque" fasteners is by the stretch method or the torque-angle method.