To be fair, I only see the three ads above and none on the right. Still, is this what Google refers to as 'above fold' location ?

Yep, that is what they're referring to. The term comes from newspapers, which are shipped folded across the middle, so that only the half of the front page that's "above the fold" is immediately visible. The web design community adopted the term with essentially the same meaning: the part of the page that's visible when you first get there. So yes, those ads are decidedly above the fold.

not in MA with my google cookies-- only have one above organic-- I have the stuff on the right, though