If I get [Loremaster] on a horde character will my alliance character also get the points?
Yes. Almost everything is Account-wide now. Pretty much the only ones that don't apply are the ones like the Cloud Serpents. I believe the points still show up, but you'd have to actually complete the rep to be able to use the mounts.
Yeah, thanks I was just wondering since they the alliance has different area's than the horde.
Should not be any problem. I think they have zones being replaced if you change faction. I did Redrige Mountain on my alliance toon. Got credit for Silverpine on my Horde toon.