The Check for Print Reserves link that initially appears in the top section of a course is a link into the library's search function for printed material that is part of the course. The Check for Print Reserves is part of every e-reserves folder. Adding a folder will get both the e-reserves link and the print reserves link. You can not remove one without removing the other.
The list of reserves displayed will be followed by material for courses that are close to your course in sort order. You can tell what class a reserve is for by looking in the first column labeled Term". If the course has no reserves (as illustrated below) the first entry will simply read You searched for [course ID].