Transcontinental Advertising University. The word «university» is derived from the Latin – universitas magistrorum et scholarium, which roughly means «community of teachers and scholars.» The original Latin word «universitas» refers in general to «a number of persons associated into one body, a society, company, community, guild, corporation, etc.» Associations of students and teachers with collective legal rights usually guaranteed by charters issued by princes, prelates, or the towns in which they were located. Like other guilds, they were self-regulating and determined the qualifications of their members.