Knighthood

Knights were once much more commonplace in the Realm than they are in the modern times of the series. Little has been revealed about their former role in society, centuries before the books take place, but it is likely that they served nobles of some kind before the first High Liege united the Realm in peace.

From what little has been said about them and Michael's regard for them, it would seem that traditional knights were much like the idealistic concepts of real world knights: Brave, chivalrous, honest, and all-around noble, skilled fighters who swore to uphold their virtues and protect their liege. But of course, this could only be Michael also idealizing the concept.

In modern times, it is still not unusual to be knighted, but only as an honorary title, given to those who have lended the government large sums of money.