In general there is no good reason to repeat questions as such (even if they are not made available, one should assume they are available, being circulated online or via messaging). If students know that questions might be repeated and solutions to past exams are available, many students will simply memorize the solutions.
It's reasonable to put similar questions from year to year, as one generally wants to test similar competencies from year to year. However, excessive similarity from year to year generates a situation where students learn how to solve particular problem typologies rather than how to do mathematics. Being able to solve problems of a particular form and structure is a particularly useless skill, and it is a bad idea to encourage students in this direction because they already receive a lot of push in this direction, from family, friends, themselves, and paid tutors.
It will work if there are variations in the problem statements (what appear to an instructor minor variations can be far less minor from a student's point of view - I give an example below) and if the subset of problem typologies used on any given exam is a small subset of all those available (that is to say, over the years there are 15-20 different kinds of problems, in any given year maybe 4 or 5 appear). This makes the exam less predictable but retains the desired effect of guiding students in their preparation.
What I mean by minor variation is the following. I can ask
- Find all $r$ such that $Ax = rx$ has a nontrivial solution.
- Find all $r$ such that $(A - rI)x = 0$ has a nontrivial solution.
- Find the eigenvalues of $A$.
These are mathematically equivalent problems, but their statements are not equivalent in difficulty (they are listed in order of decreasing difficulty). In particular, many students are unable to solve 1 because they can't see that it is the same as 2; many students learn a procedure for finding eigenvalues (calculate some determinant) and don't relate eigenvalues to the equation appearing in 2, so 3 is easier than 2. One might put some variant of this question some years (varying A, and not every year), varying the difficulty, by changing the phrasing as above, depending on where one wants to center the exam's difficulty and what other problems appear on the exam (maybe form 3 is ok this year because other questions are more conceptual).