Do magic effect Target Conditions only get fired the once when the spell is added?
Or is there a way i can make a spell loop / check conditions? (preferably without script)

I thought if it was a "Constant Effect" is would check the Conditions constantly :S



Worked it out! Answer:
Spell: Type = Ability, Casting = Constant (conditions in the spell on the effect not the in effect's target conditions)
Effect: Archetype = Peak Value, Casting = Constant

There is another way, if you put conditions on the spell, rather than the magic effect, the conditions are checked throught out the duration of the spell.

Conditions on magic effects are checked at the time of application and only once
Conditions on the spell are checked throughout the duration of the spell.

The spell doesn't have to be a constant effect, this works for any type of spell

Awesome, thanks for clearing that up for me
Sometimes the wiki is a little vague, it didn't have any info in Spell, but did in effect: http://www.creationkit.com/Magic_Effect#Target_Conditions

You need to be aware that this check is ONLY done once a second, not "constantly".