The words collard, collared sound the same but have different meanings and spellings. Why do collard, collared sound the same even though they are completely different words?
The answer is simple: collard, collared are homophones of the English language.
See kale.
The leaves of kale, used as a vegetable. Also called collard greens.
Having a collar (or other encircling demarcation).
Simple past tense and past participle of collar.
Definitions from The American Heritage® Dictionary of the English Language, 4th Edition, from Wiktionary, Creative Commons Attribution/Share-Alike License and Wordnik.
Homophones (literally "same sound") are usually defined as words that share the same pronunciation, regardless of how they are spelled.
If they are spelled the same then they are also homographs (and homonyms); if they are spelled differently then they are also heterographs (literally "different writing").