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Does the personal statement have to be under two pages, or can it go a few lines into the third? Is there some sort of etiquette to this where it should be almost exactly two pages?

If the school specified a length, you should try your best to stay within that length. Some schools want 2 pages, others 500 words.

It's best to keep it to the specified number of pages. Since adcomms are literally reviewing thousands of pages worth of applications as it is, they'll probably get annoyed if you go over the page limit. Going over could also make it look like you're bad at following directions.