Wikipedia has probably as good summary explanation for the term "received text" as any I've found; it is consistent with what I've read elsewhere:
The origin of the term "Textus Receptus" comes from the publisher's preface to the 1633 edition produced by Bonaventure and Abraham Elzevir, two brothers and printers at Leiden: textum ergo habes, nunc ab omnibus receptum, in quo nihil immulatum aut corruptum damus, translated "so you hold the text, now received by all, in which nothing corrupt." The two words, textum and receptum, were modified from the accusative to the nominative case to render textus receptus. Over time, this term has been retroactively applied to Erasmus' editions, as his work served as the basis of the others.
