Reportedly praise a peer (4)

I believe the answer is:

lord

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'peer' is the definition.
(lord is a type of peer)

I don't understand how the rest of the clue works.

(Other definitions for lord that I've seen before include "Titled peer of the realm" , "Master, ruler or titled gent" , "aristocrat" , "Man of noble rank" , "Member of Upper House" .)

I've seen this clue in The Mirror.

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