iOS has the ability to allow the user to rearrange/reorder elements in a list.
This is done by going into Edit mode and dragging the elements to the required location.
A good example of this is the Edit mode in the Notifications screen in the Settings app.

Does there exist this kind of functionality in Android by default? Is it possible to enable this functionality within ListView or LinearLayout?
If this doesn’t exist in the base Android functionality is there a library that does a similar thing?
I know of the drag and drop functionality, but this is most likely too low level as far as I can tell.
There are some third party libraries available in android
https://github.com/commonsguy/cwac-touchlist
https://github.com/bauerca/drag-sort-listview