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Brake fluid - look at the reservoir. It has markings. Note: if level is low it is usually due to pads at high wear limits, but sometimes due to a leak.

Pads - when very low, they emit a screeching noise due to the high wear metal tabs scraping against the rotors. Pad wear is best determined with wheel off such as when doing tire rotation. Look through the caliper to view pad wear.
 
Generally, yes, replace both. However, I do look at a few things in my cars to make that determination. If this is the first set of pads on these rotors AND the rotor surface is smooth AND there was no vibrations/shuddering when braking, I will keep the same rotors. Also, I will measure the thickness only if there is a significant ridge at the edge of the rotor. This is rather subjective, so feel free to measure anyways. If you don't have dial calipers, the Autozone type stores will measure them free. Some regular calipers will do if they have a gap to measure round the ridge that developes from the pad wear on the rotor.
 
Chances are your rotors will be in spec. I have 168K on my rav and just checked my front rotor. They have not even worn halfway to the min wear thickness. My general rule of thumb is two pads for every rotor. That is unless the rotors are warped.

Looking up your brake master cylinder shows an electrical plug on the side of the reservoir. This is generally for a low level indicator.

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Looking up your owners manual on page 615 it states that this light is a low brake fluid warning.
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Generally I would not relay on the brake warning light. You should check the res level when doing your general inspection. Running that low on fluid can introduce air to the system and brake failure. But come to think of it, Toyota makes their cars pretty idiot proof.
 
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