1). At what water pressure should a T&P valve start to open?
There is about 80-85psi in the tank, when is starts to open.
When it does close, it seals tight.
2). Is there a way to know if is starting to go bad?
3). Do they go bad? Weak spring !
4). Are they easy to replace?
5). If I have to replace it what Spec's do I need to know when asking for a new one?
T & P valves are set for 150 PSI and 210 degrees.
If the valve is leaking, it's either too much pressure, a weak spring, too high a temperature, or grit or dirt on the sealing surfaces.
If the pressure is too high, then a PRV (pressure reducing) valve can fix that. You may need to add an expansion tank.
Since yours is leaking at a much lower pressure, it may be that the spring has gotten old, or that there is grit preventing a good seal.
It's fairly easy to replace these. Though if the tank is ten plus years old, it starts getting iffy as to how much money I would throw at it.
Normal pressure is 40-60 PSI
Anything over 80 PSI should have a PRV to reduce it down below 80.
PRV's come preset at 60 PSI
Update 2021, the last one I installed was preset for 60 PSI