The rewards are only active, as long as you use this title. Titles can be changed every two hours at the account management page. Any equipment will be unavailable if you don't have the required title activated. Any items can be gained for free at any bank if the required title is active. You can only have one title active, but there are ways to hold more than one title using certain titles. Note, that additional title rewards do not stack. So you can only use one title which allows additional titles. An asterisks (*) means, that this title is for members only.