What does equity mean? Is it the same as equality? English words explained

What does the word equity mean?
The full explanation of the English word 'equity'.
Is it the same as equality?

SCRIPT...

The word ‘equity’ is a noun that can be used in more than one way.
It is a word that is often used in law, and in everyday life.

A societal word originating from Latin, the root of which defines ‘evenness’, ‘smoothness’, and ‘fairness’

As a noun the word ‘equity’ relates to the quality of being impartial and fair.
It also defines what is ‘fair’ and ‘just’; the opposite being ‘inequity’, as in unfairness.

Thirdly, it defines the policy or practice of accounting for the differences in each individual’s starting point when pursuing a goal or achievement, and working to remove barriers to equal opportunity, as by providing support based on the unique needs of individual students or employees.

In simple terms - Ensuring that doors are always open, regardless of one’s social background.

In Law, the word ‘equity’ is often referred to a ‘chancery’.
This relates to the fair pursuance and satisfactory outcome of legal disputes.

The transferred fairness of laws laid down in England, which have also been adopted in the USA.

In real estate, the financial value of someone's property over and above the amount the person owes on their mortgage.

The adjective form of ‘equity’ is ‘equitable’; in the appearance of fairness and equity taking place.

The word ‘equality’ is often confused with ‘equity’. The first relates to level distinction, or perception, while ‘equity’ relates to the process of ascertaining or giving a fair outcome.

The way someone is viewed as equal is ‘equality’, with the second relating to opportunities and doors opened and how they are addressed. This is ‘Equity’.

Synonyms of ‘equity’ are - fairness, impartiality, justice, fair play, justness, even handedness.