With regard to how often the test can be administered see AR 350-1 which states:
Commanders may administer the APFT as often as they wish; however, they must specify beforehand when the results are for record. AA and AGR Soldiers will take the APFT twice each calendar year. A minimum of 4 months will separate record tests.
This means that if the commander will test (FOR RECORD) more than two times in a year he can administer a record APFT as long as they are separated by at least four months. Using this rule it is only possible to give three record APFTs a year.