Dark Ages

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Am I correct in understanding that you can only choose one of two racial skills?

No, you can choose all of them.

Which element do Farthlos and Fidi's spells belong to?

Life and speed, that's all. Life increases positive effects (like healing), speed increases negative effects (like damage).

What specific bonus does Combat Training give? +20 to all four stats (excluding magic effectiveness) or something else?

I think so.

Can armor be used without a skill?

The skill only applies to heavy armor – the one used by hoplites. The rest can be used.

What are the penalties for using them? I can't find it.

If someone wears heavy hoplite armor without the necessary training, they become a walking tin can with very low attack and defense.

Can a long polearm be used together with a shield?

With a round shield, it's mentioned in the skill description.

Hey, am I right in assuming that you need to increase strength for axes and swords?

Definitely for two-handed weapons, and it depends for one-handed weapons...

Does this depend on what spells the character uses?

Yes.

Can it be applied to a water medusa or a Ferlith sprout?

Yes.