At Quant 47, yes, you're at the level to handle the Advanced Quant (AQ) book. The vast, vast majority of the questions in the book are 700+. Some are 800+.
There are only a few that introduce some concept that aren't solidly 700+.
Note that the AQ book doesn't really teach math concepts - it assumes that you have already learned all of those in the 5 main quant strategy guides. But you have those already, so you can always go back and look something up. The AQ book focuses on ways to approach hard problems.
Just be aware of one thing: you can get a lot of 700+ questions wrong and still get a 47 to 51 on quant. If you miss too many sub-700 level questions, though, you'll have a big problem. The algorithm allows a couple of careless mistakes - it will consider a couple of lower-level incorrect answers "outliers" - but if you have too many, those problems are no longer considered outliers. They're now your actual performance.
And be aware of another thing: you WILL get a lot of questions wrong even if you do score 47 to 51. Even at a 51, people are getting questions wrong. I have had multiple very-strong-quant students give themselves 4 freebies (guess immediately, move on) and still score a 50 or 51 on quant. And of course they likely missed others that they did do.
1. If I cannot solve it in 2 - 2.5 minutes at the most, make an educated guess and move on.
Not quite. Two things. First, you will also have some faster questions. In general, my rule is that I want quant questions to fall in the 1m to 3m range. I don't want to go so fast that I increase the chances of making a mistake. And I don't want to go so slow on this one that I increase the chances of missing another one because I'm rushing. (Besides, if I'm STILL not figuring it out in 2.5 to 3m, then I don't
really know how to do this problem.)
Second, just to make sure: the process is not, "Okay, I'm going to spend my 2 to 2.5m (or whatever) and THEN I'll move on if it's not happening." I'm not just assuming I'm going to do anything they put in front of me until I've spent my time. I'm making a series of decisions about how best to spend my time.
If it's combinatorics, I'm out of there in 10 seconds (because I know I'm terrible at combinatorics).
If I've been reading / jotting stuff down for a minute and I'm still not sure what the problem is asking, then I'm out of there (because if I don't even know what it's asking at 1m, how am I possibly going to solve it in 2-3?).
If the problem has 4+ annoying* characteristics, I'm very likely to bail.
"*Annoying" can be anything from objectively-longer-to-answer (eg, a roman numeral problem) to "I'm not that great at this."
eg, I'm pretty good with inequalities; I'm not as good with absolute value. If I see a roman numeral problem (strike 1) about absolute value (strike two) and it has 4 variables (strike 3 - that many variables is annoying!) and it includes layers in some weird equation or something (strike 4), I'm outta there!
Vs. If I just see an absolute value problem with none of that other stuff, I'm still going to try it.
And, yes, if I thought I understood it and I thought I knew how to do it, and I'm 2.5-ish minutes in and I'm thinking, "Hmm. This isn't really panning out the way I thought it would," then yes, I'm going to bail on that problem. Contrast that with being 2.5-ish in and thinking, "Yep, it's all working out, 2 more steps and I'm done with this one!" Obviously I'm not going to bail then.
**Note: That last scenario is NOT the same as, "I KNOW I studied this and I SHOULD know how to do it, if I could just remember that one thing, argh..." That's not "things are working out the way I envisioned and I can see that I'm literally almost done."
Your other 3, yes. My rule for "easy" quant is this: if I have finished the problem and don't feel like I spent even a minute on it, I double-check the problem and my work. Just to make sure I didn't miss something. And I have the time, because I didn't spend 4 minutes on the last one (and I got it wrong anyway
)