Humans may dwell here

Can the item be located at any distance? After acquiring another body, does the ability (item's property) disappear or remain?

Let it disappear. Look for a new item.

Remind me about the age of the Todalen people compared to humans (lifespan, reflection in appearance), how their training in the academy goes, and the stat cap.

Their age is several decades older than humans, and they age in the same way.
Regarding the academy: they only accept wealthy or very talented individuals, exclusively Todalen, almost any age, and the training lasts for several years depending on their abilities. Academies are usually located far from cities (because of various practical assignments; you wouldn't want to create a tornado in the city), and many academies teach other subjects in addition to magic.

Cap

What is that?