In Waterdeep, most citizens rarely have the opportunity to speak to the Masked Lords (the anonymous rulers of Waterdeep, who may or may not be noble) directly, aside from very formal settings such as legal trials. When they do, they’re usually speaking to a row of featureless masks, so they say merely, “Lords.” When speaking to the Open Lord, almost every Waterdhavian who isn’t his personal friend will say “Lord Silverhand,” shortening it to “Lord” only if they converse together for a time.