1)  Does FT VMs required reserved hardware...such as CPU &  Memory

          The resources are reserverd as a Prerequisite while configuring FT

2)  Does FT secondary VM required same resource as primary FT VM ( Example: 1CPU and 4 GB RAM )

          Yes

3)  Does second VM utilize the resources of its host in FT state

          Yes

4)  What if primary FT VMs fail and secondary VM's host doest not have enough resources to allocate as primary.

          Resources are resererd while configuring FT, so this situation doesnt srise

5)  Does FT Primary VM simulate network failure and make seconday as primary.

          Can you be little clear here