The resulting wizarding customs due to the ranking are taught by pureblood/halfblood parents or magical portraits. It isn't polite to extend your hand to someone of higher rank. It is best to wait for the introductions first before offering your hand. The ultimate custom is to call someone "My Lord" and is in general a title to be granted to use.
Lowest level in the ranking and technically anyone can call themselves one, unless it is disputed by the Ministry. Houses get house rings, but they are only a visual element without any extra magic. Houses can also have the attribute Ancient to it, when they existed long enough.
A contract between two houses to marry of their spouses together. The girl will become part of the boy's family. Has stipulations like a bride-price or how many children were expected. The betrothed is also under the influence of family secrets.
A noble house gets access to Albion magic house rings and a seat in the Wizengamot. A lot of houses like Dumbledore or Goyle could have been allowed to own such privileges based on the age of their house lineage, but the spells to ennoble one house through the Albion magics were lost through the centuries. Due to that no new noble families appeared in a very long time. Very old noble houses get the additional attribute Ancient. Very old ones would be even recognized by the magic as Most Most Ancient. The Ollivander House currently holds that title and might have even get the Most Most Most Ancient in some centuries.
The person who leads any house and is always male. It is speculated that his members cannot tell lies to him or face consequences. If there is no head of house because he died and the next in line is too young, a regent can be appointed.
A form of physical protection from a noble house towards a normal house. Usually associated with certain stipulations and obligations. The vassal-ed family wore a special crest on their robes to signify the vassalage and got a special vassalage ring to wear. The vassaled family is also under the influence of family secrets.