The term is archaic, calling upon the ancient language of the magi, and those versed in the eldritch arts. In the more vulgar argot, terms such as scrying room and equally mundane names are bandied about. The fact that such limited terms are used to describe the proper mystic's psychomanteum demonstrates how little they actually know about what occurs within.
A possible answer to what happens to spells when a mage dies. If the spell is strong enough, say and enchantment or other permenant effect, part of the mages spirit may become lodged in the magic. It may be a way for items to gain some kind of intelligence, but a mage who has knowledge of this fact would be very hesitant about enchanting anyone or thing. He might have other plans for his afterlife than counting the change in your bag of holding.
Preists, I think, would have this sort of thing covered.