Feudalism

Feudalism, a well described concept, plays a big part in the societies of Faerûn.

Landownership

Feudalism essentially revolves around landownership, but also degrees of ownership. In many cases we consider a person who has usage rights to land to be the owner of that land - this is mostly how landownership works in a modern society. In a feudal society, you have two general types of landownership, free-held ownership and fiefdoms.

Freeholds

A Freehold is a tract of land, of any size, that is owned outright by someone, with no traditional feudal obligations associated. By "Freehold" is meant that the land is held free of feudal obligations, thereof the name. Possession of a Freehold is what sets apart the commoners from the gentry and nobility - the ability to make profit with no obligations off a tract of land is incredibly lucrative in a medieval society. It should be noted that there can still be certain obligations affiliated with Freeholds - these are, however, not of the traditional sense, and are not associated with the Freeholds themselves. The term "Freehold" is traditionally only used about Baronies and other particularly large territories that are held free, but it, theoretically, applies to any land tract held free.

Fiefdoms

It may seem silly to refer to a lowly serf tending a small tract of land as a vassal held in fief, but in theory, this would be correct. A fiefdom is a tract of land of any size that, through a pact, has become sworn to this land and the obligations that follow, but in turn, enjoys the privileges that follow. The term is rarely used to refer to anything smaller than a Viscounty. It would not be incorrect to say that a person who has a fiefdom has a lease on a given property, which in turn, grants them governance of this property, but holds them in vassalage to those above them.

Social Status

Commoners and Aristocrats stand in stark contrast to each other, and always have in the world of D&D - this is because this is a well known trope of Medieval Society, and not without reason. The different social classes were like oil and water in many circumstances.

Slaves

Slavery is common enough across the lands. Slaves obviously enjoy no special social privileges, but are also usually found in very small amounts outside of major slave-based operations, such as mines, logging camps and plantations.

Commoners

Commoners make up the bulk of society. In most societies, becoming a Freeholder, or being closely related to a freeholder, will raise an individual past the life of a commoner - the issue is that no-one tolerates the concept of low-born landowners, so commoners are unfortunately stuck leasing their land, most either renting property or existing as serfs. It should be noted that the way a Serf leases a property is very akin to how people in modern day society own property - the leases are almost always hereditary, provided the tax obligations are met.