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I always thought of the professor title being associated with phd and anyone who did not have phd was in essence a lecturer. I could be wrong though. I cant think of ever calling anyone without a phd professor but then again I called most of my professors Dr because they had their phd.
Naah. There's basically three broad "tracks". Adjunct means you simply teach a class(es); adjunct professor = lecturer = instructor. Tenure-track means you have a PhD and generally engage in research in addition to teaching. Clinical faculty have PhDs but don't generally do research, so they teach, and often engage in administrative roles as well.