oh no doubt. happens everywhere in the world.
i'm thinking italy at the period would serve a rather interesting basis for titles and hierarchy. there's no such thing as realm really, there weren't even kings (though many wanted to be one).
according to the novel, anyone can call themselves this that or other title.. but only 3 people can officially bestow/confirm it. pope, western emperor (holy roman), eastern emperor (byzantine).. and the norman dude and his brothers (principle characters of the book) were all basically mercenaries who then carve out their own bit of land.