You said it in your post. For instance, velocity can be considered relative because it needs a reference point - generally, it means that you need 2 pieces of information for a quantity to be meaningful. So if I say somethings has a speed of 5m/s, that's meaningless, but if I say 5m/s relative to that lampost, then it has meaning.
Arbitrary - exactly that. When comparing quantities relative to each other and a third reference point, we can use arbitrary units. E.g. if one car in a drag race is moving 2x faster than another relative to the start point and we use arbitrary time units, it does not matter what units we use (metres, feet, Planck lengths, etc), the relative velocity will be 2x. In general, that means no specific reason for choosing a unit/point of reference.