Ok, they reset it for people below exalted then, or mail a rep-token for the factions to people below exalted but with the quest completed, anything better than "You can grind trivial mobs for rep, just as soon as we get around to phasing them back in, have fun!" will do... :P
I read "two time loremaster," as having done all the quests in the zone both before and after loremaster. My mistake.
Update a hotfix just went out talk to Karnum Marshweaver and insta exalted if you have previously completed the quests.