"Being king queen isn't anything special to the Fae. It mainly means talking in third person and having to make a law every thousand years."
In particular, the title doesn't really provide the king or queen with special wealth or power. The only special rights and obligations are summed up in the quote above. Also, there is no royal family or even a ruling class: The title of king or queen can be given away freely, with only two restrictions.
The first rule is that the new king/queen has to be a Fae, too. The second, somewhat more complicate rule is that the current ruler has to decree at least one new law (usually relating to appearance) before being allowed to give the title away. There are two catches to this rule:
- A new law may only be decreed every thousand years, so a Fae will be stuck for at least a millennium with the title no matter what.
- The new law may not contradict an existing one. If this condition is violated, the cycle resets and the ruler will have to wait another thousand years before trying again ("...but not before the entire kingdom laughs at the king or queen for being a stupid loser-head." - Mab).
Fae laws are usually about style issues. For example, all Fae have to wear a gem on their foreheads because of the law decreed by Queen Mab, and Mab had to leave the Fae Kingdom because Queen Nutmeg choked when it was her turn.