Meaning
いわゆる (iwayuru) is a JLPT N3 vocabulary word meaning “the so-called,so to speak”.
Example sentences 2
これがいわゆる海老で鯛を釣るということだ 。
This is what I call “throwing a sprat to catch a whale.”
"いわゆる、一休の年間パスポートのようなものなのです。"
In other words, it's like a 1-year passport for Ikkyu.