1. What is a lord?
A lord title is ordinarily used as a less formal alternative to full, more formal titles (whether held by right or by courtesy). For example, marquesses, earls and viscounts can all be referred to as lords. In addition, it’s always used when referring to a baron.
2. What is the female counterpart of a lord?
No surprise: It's a lady. Therefore, the female counterparts of the above titles can all be referred to as a lady instead of their fancier versions.
3. How does one become a lord?
Well, as you can see from above, lords and ladies, unlike the other titles, are not bestowed by the Prime Minister with the approval of King Charles. Instead, they are used informally for titles that are bestowed. However, similar to other titles, they can be passed down. Their children also acquire a lord or lady title. For example, while a duke’s eldest son will use one of the duke’s subsidiary titles, his other children will use the honorary title lord or lady in front of their names. The same goes for children of marquesses and daughters of earls.