Is it okay for professors to completely copy another professors' notes, assignments, and exam questions word for word from another university?
If 1st professor published his/her notes and question with a license which allows that, it's almost ok.  If 1st professor published questions without anything which looks like a license, the 2nd professor should ask permission. 

The main pros of using notes and questions made by somebody  - optimization of work. Why should anybody invent a bicycle if we can get already invented bicycle and use it?