Hi Bob,
I have replaced about 15 of these over the years. Yours is probably plastic and the diaphragm inside has failed or is compromised in some way. The reason for the RVIA code is to allow enough elevation for the unit to drain in both directions once the water pressure is removed. This prevents contamination or back siphoning to the fresh water source. Darn engineers always put this stuff where-ever because they don't get to replace it. If you are going to relocate the valve, make sure it is above the waste tank and gravity will insure proper drainage.
Also take note of the "arrow" on the valve so you know the direction of the water flow. Brass replacements can be found at any plumbing supply store or on line. Don't waste your money on a redundant back flow check valve, it just slows down the operation and duplicates what you already have.
Regards, Fred