1. It's not one and the other. Likely it's one or the other. Most likely it utilizes "Reputation" fame (which is the combination of stats like prestige, honour etc.) or some kind of score that is calculated using arbitrary multiplier, e.g. prestige = 5, honour = 1. If total>legendary threshold you're a legendary hero, if not - sorry gregory.
2. It's not absolute, it's dynamic. It must be, since it utilizes either fame mechanics (from the "your fame" tab) or some mechanics that work in a similar fashion. So I believe the legendary threshold is either higher/lower depending on the most legendary person on the continent or it's higher/lower depending on the avarge legendary factor (fame/reputation/honour+prestige)
BOOM!
Sorry, I really didn't mean to blow minds.
