residence vs palace

residence and palace both are nouns.

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

As nouns, palace is a hyponym of residence; that is, palace is a word with a more specific, narrower meaning than residence:

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

Other hyponyms of residence include court, deanery, manse, parsonage, rectory, vicarage, cloister, religious residence.

As nouns, palace is a hyponym of residence; that is, palace is a word with a more specific, narrower meaning than residence:

Other hyponyms of residence include manor, manor house, castle, stately home, mcmansion.

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