The professor chooses the loan periods on the items he has placed on Reserve. Yes, if no one else has requested it. You must bring it back to the Reserve desk to check it back in and then check it out again. There is no phone renewal for Reserve. There is no grace period in Reserve.
Fines begin immediately after due time.
Reserve fines accrue 24 hours a day. Library books and professors personal copies of books must be checked out of Reserve at the library. Paper Reserve such as copies of tests, notes, articles, chapters, etc. may also be checked out at the Reserve desk. Items returned to the outside bookdrop or the regular inside bookdrop may accrue a fine. Items need to be returned directly to the Reserve desk for immediate check in.