Final answer:
The President of the United States is elected to a four-year term by the Electoral College. The 22nd Amendment limits a President to two terms, or a maximum of ten years if they took over mid-term. '2nd round voting' isn't a term used in the U.S. presidential elections.
Step-by-step explanation:
How is the president elected, and what is the term limit?
The President of the United States is elected to a four-year term through a complex system known as the Electoral College. On Election Day, voters in each state cast their ballots, and the candidate who wins the popular vote in a state typically receives all of that state's electoral votes in a winner-take-all system, with exceptions like Nebraska and Maine where electoral votes can be divided. The Electoral College, which consists of electors from each state, ultimately votes to elect the President.
Regarding term limits, the 22nd Amendment stipulates that a President may not be elected more than twice, or serve for more than a total of ten years if they assumed the presidency in the middle of another's term for more than two years.
There isn't a universal system called '2nd round voting' in the United States presidential election process. However, if no candidate receives a majority in the Electoral College, the election is decided by the House of Representatives, with each state delegation having one vote.