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Hey Mike, you can have 1 exotic weapon and 1 exotic armour piece equipped on your character at any given time. In addition to having 1 exotic armour piece, is is possible to have an exotic class item equipped for your character. Exotic class items have the "Life Exotic" perk which makes this possible.
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Theres a way to have 2 exotic armour pieces equiped. If u get ur faction (e.g FWC) to rank 25 and unlock and complete the quest you will get a exotic cloak with a perk tat allows you to equip it with another exotic equiped (e.g cestial nighthawk and the exotic cloak)
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Yes, if it's the Exotic Class Item