palace vs residence

palace and residence both are nouns.

Word	Noun	Adjective	Verb	Adverb
palace	Yes	No	No	No
residence	Yes	No	No	No

As nouns, residence is a hypernym of palace; that is, residence is a word with a broader meaning than palace:

palace: official residence of an exalted person (as a sovereign)
residence: the official house or establishment of an important person (as a sovereign or president)

As nouns, residence is a hypernym of palace; that is, residence is a word with a broader meaning than palace:

Other hypernyms of palace include hall, manse, mansion, mansion house.

palace (noun)	residence (noun)
official residence of an exalted person (as a sovereign)	the act of dwelling in a place
a large and stately mansion	the official house or establishment of an important person (as a sovereign or president)
a large ornate exhibition hall	a large and imposing house
the governing group of a kingdom	any address at which you dwell more than temporarily