Rebuild or overhaul
If engine was rebuilt, you would expect new sleeves, pistons, rings and wrist pins. All new bearings and rod bolts. The head competely gone through, with new valve guides and seals and surfaced. The block dipped and all passages, both oil and water cleaned. And a lot more. On the other side of the ledger, if it was overhauled, you might expect a valve job, new rings and rod bearings. Possibly the mains also. A genuine rebuild should be as good as new, and last just as long. An overhaul would basically be a crap shoot. Many have a tendancy to call a simple overhaul a rebuild. Best way to tell the difference is to ask for receipts, parts and labor.
Dream like you will live forever. Live like you will die tomorrow. ( James Dean )