It is currently 6 weeks total (2 weeks of Phase II at an institution, which is not set in stone which institution it will be at, it varies based on how many new hires at any given institution. It could be at your home institution or you may have to travel and/or stay out of town for these 2 weeks, but they will provide transportation and barracks) and 4 weeks of Phase III (at the academy). If you go to Richmond, then I believe all 6 weeks are at the academy. We were told last week that next year, Phase III will go from 4 weeks to 5 weeks and the instructors are also trying to get weapons and defensive tactics extended by 1 more week each, which I think is a good idea but that is still up in the air as to if/when that will happen.
Yes, we do PT, 2 times a week, various exercises and a 1 mile timed run, except for weapons week which only has one PT session. It's not too awful hard to do but you should be in somewhat decent shape or you will struggle. We have a pretty large class and we haven't had anyone drop out yet due to PT......but it's been close!
Everything is Pass/Fail, even the written exams. It doesn't matter if you miss one question or ten, you fail. But you do get three chances to pass. It sounds tough but once you learn how the tests operate, it's actually pretty easy to study. Basically you read the objectives and it will tell you what areas to study for the exams.