I run some analyses myself before developing questions. Using the results, I began to think about questions that will test the important concepts I intend to test. Some questions will be multiple choice questions, some questions will be reasoning questions and some will be true/false questions.
I do not ask another instructor reviewing questions. However, on many occasions, we share each other the type of questions we use.
This is really from the experience. We have a testing center to monitor our tests. In the summary report, the amount of time spent by each student was also recorded. This gives me data to decide if the exam is reasonable timewise.
We have a testing center to monitor our tests. The summary report sent to instructor also includes the percent of students who answered each choice of multiple choice questions. This summary gives me good ideas on how students chose their answers and knowing how I chose the choices gives me good ideas as to why they made mistakes. The formative summary of this assessment report tells me the degree of difficulty for each question and where the mistakes were. I usually look for a balance of some difficult and some easier questions. An average and median between 70% to 80% would be considered a good exam. In addition, I look for the level of difficulty and where/why they made mistakes as feedback for revising my instructional approach in the future semesters.