True. Republics are a form of government, in which sovereignty ultimately resides in the people.
Republic is a form of government in which sovereign power is held by the people and exercised by their representatives. More technically, in a republic, the head of state is elected.
An example would be the United States, where the elected President functions as the head of state. Whereas in a monarchical system like that of the United Kingdom, the head of state continues to be from the Royal family.
A republic more generally institutes the idea of equal citizenship, which entails equal rights to all citizens and equality before the law of the land. There is no privileged class of citizens.
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