TNT, you are absolutely right to be confused. The reason why you are confused is because you are smarter than the people who use Baldwin'd terminology to epoxide opening (unfortunately, this includes Baldwin himself).
Here is a quote from a paper that should appear soon and answer your questions:
"use of endo-tet and exo-tet for epoxide closures is a misconception as the breaking epoxide C-O bond is located outside the newly formed ring in both cases, each cyclization should be considered an exo-tet process". Another quote: "Only if both carbons of an epoxide are considered as one functional group similarly to an alkene is the endo/exo classification applicable, but then it should use the exo-trig and endo-trig (not tet!) cyclizations as the reference point ". In order to avoid this confusion, Tim Jamison suggested to use the terms of “spiro” or “fused” TSs," respectively, for such reactions.
In other words, the terminology is incorrect and you are right to question it. All the best.