For example, Pirkei Avot (in the Talmud) states (1:6) that: (..) Joshua ben Perachiah says, "Set up a teacher [RaB] for yourself.
In some cases, rav thus refers to full-time scholars of Torah who do not receive compensation.
In other circles, the Rav is distinct from the Rebbe but the highest Dayan—a rabbinical court justice—of the group.
More recently, as a sign of great respect, some rabbis are simply called the Rav even outside of their personal followings.
Note that when the word is pronounced using a patakh, the meaning is almost universally rabbi Obadiah ben Abraham of Bartenura.