Yes, term is basically a cognate of the English word term.
Its exact meaning depends on context. It can refer to things like:
So the word itself is familiar to English speakers, but you still need context to know exactly which kind of term is meant.
Yes. This sentence uses the straightforward order:
subject + verb + object
So:
That is very similar to English: We read the term.
One extra note: Afrikaans often keeps the verb in the second position in main clauses, so word order can shift if another element comes first. For example:
A rough learner-friendly pronunciation is:
ons lease dee term
More specifically:
This is only an approximation, but it is a useful starting point.
Ons lees nie die term nie.
Afrikaans commonly uses a two-part negative with nie ... nie.
So:
That double nie pattern is one of the most important things to get used to in Afrikaans.