Royalty: an agreed portion of the income from a work paid to its author, composer, etc., usually a percentage of the retail price of each copy sold.
Basically, when you post an asset you have rights to, and it sells, the royalty is the portion of payment you receive from TurboSquid, normally about 50%.
TurboSquid is free to join. The other portion of the sale goes to Turbosquid as they do the marketing, maintenance, accounting and customer service.
Also, read the End User License Agreement (below) for more legal information/rights (since you're already a member you should read it anyway). There is also a good deal of helpful information under Support with answers to frequently asked questions, and basic steps for buying/selling here.
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