Well, they may send an email if you have too many ads on a page however they don't specify what is "too many".
I think 3 is a reasonable amount and even 4 however I also think it depends on the site. If you have a ton of content and the ads are being spammed then the odds are good that you won't have any issues but if you are spamming ads all over the place you will probably be asked to remove some amount of ad units.
Unless something has changed recently this is the way it has been for a while.
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