For ARM, knowing what the question is asking is unfortunately as much an art as it is a science. As we said in class, examiners generally just tend to pick verbs to be verbs- so the most important thing is to consider the mark allocation.
In 99.99999% of cases, it is a half a mark per point. There are those odd anomalies where you can get one mark for a point, but don't bargain on it.
For ARM, the secret lies in identifying what is the most important and relevant points to bring up -- that relate SPECIFICALLY to the question. There will always be loads of valid points, but the skill lies in identifying what are the most valid points. In general, we are looking for breadth of answers - not one point explained very well. Chances are that if a point takes 5 bullets to explain, it's probably not the most relevant point.