What are the options for this phone if it has a defect?
My guess is a Certified Pre-Owned (Refurbished) Replacement.
If you are still under warranty (or have TEC), and it's a manufacturer's defect, you can either take the phone into a store or call customer service to get a replacement. As the previous poster stated, it will be a CLNR. If the phone has been damaged, you need to go through Asurion and there will be a $99 deductible.
HTC Rezound of course.