Pathfinder Familiar Magic Item Slots
Pathfinder Magic Item Table
I'd assume it would get its own turn and actions, and that if it can reproduce the sounds of the command word it can speak it (a lot like a druid's animal companion?). The player is fine with whatever the answer is, but I wasn't sure, and didn't see anything about it under 'Familiars'?
Pathfinder Familiar Magic Item Slots No Deposit
A character with an item familiar may choose to invest a single spell slot in his familiar and gain a bonus spell slot in return. The single spell slot must be of the highest spell level he can cast, and the bonus spell slot is always two levels lower than the slot invested in the item. Magic items use the same saving throw bonus for all saves, no matter what the type (Fortitude, Reflex, or Will). A magic item’s saving throw bonus equals 2 + 1/2 its caster level (rounded down). The only exceptions to this are intelligent magic items, which make Will saves based on their own Wisdom scores. Wizards form a powerful bond with an object or a creature. This bond can take one of two forms: a familiar or a bonded object. A familiar is a magical pet that enhances the wizard's skills and senses and can aid him in magic, while a bonded object is an item a wizard can use to cast additional spells or to serve as a magical item.