With Times New Roman
With xelatex or lualatex you can use any .ttf or .otf font available in your system, and of course times. For pdflatex or any other compiler there are also an obsolete times package, that should be replaced by the mathptmx package, which supports Times Roman text.
12 pt (which I have read 12pt in Word is different from 12pt in LaTex)
Hardly anyone will notice this, but this is a duplicate of Setting a document in MS Word-12pt (12bp)
One and a half line spacing
... that is also different of Word spacing, but this is also a duplicate of Double or one-half spacing
All the four margins (left, right, up and down) need to be of 2.5 cm
Easy way:
\usepackage[margin=2.5cm]{geometry}