A principality, or princedom, is a type of monarchy in which the ruler is a prince or princess. It is similar to a KINGDOM, but usually smaller in size and more localized in power. A NATION is a large area of land with a distinct population, language, and culture. A REALM is a large area of land under the control of a single monarch. Therefore, a princedom is a type of monarchy that is smaller than a KINGDOM, but larger than a NATION or REALM.