Calculating the number of unique arrangements of the word REVERSE, taking into account the repeated Es and Rs, is straightforward:
$$\frac{7!}{2!\cdot3!}=420$$
I am not sure, however, to calculate the restriction when the letters are separated.
One source suggests that we arrange the 5 remaining letters. This creates $6$ spaces into which the remaining V and S can be permuted into:
$$^6P_2\cdot\frac{5!}{2!\cdot3!}=\frac{6!\cdot5!}{(6-2)!\cdot3!\cdot2!}=\frac{6!\cdot5!}{4!\cdot3!\cdot2!}=300$$
Is this logic correct?