So, according to the official FAQ:
half-orcs may select racial favored class options, archetypes, traits, and so on, as if they were a full member of both races
Does this mean that I also can select Alternate Racial Traits like Dual Talent or Eye for Talent?
Best Answer
Alternate racial traits aren't traits
Alternate racial traits such as those listed in the descriptions of half-orcs and humans (for example, acute darkvision and adoptive parentage, respectively) are specific and unique to those races and different from the traits the GM usually allows a character to get two of.
Some of those traits are race traits, usually restricted to certain races. The FAQ is clarifying that, for example, a half-orc can pick half-orc and human race traits (although usually only one race trait per category can usually be selected; see Restrictions on Trait Selection). For example, a half-orc can pick the trait Almost Human (a half-orc racial trait) or Aspiring Bard (a human racial trait).
(Just in case, note that a member of a race only has available its race's racial traits to replace with alternate racial traits. That means, for example, a half-orc can't replace the human racial trait bonus feat with the alternate racial trait adoptive parentage because the half-orc just doesn't have the racial trait bonus feat. The FAQ's and so on could mean that were a racial trait shared by members of the half-whatever and whatever race, such a racial trait could possibly be replaced with an alternate racial trait that replaced such a racial trait from either the half-whatever side or the whatever side, but the GM must decide if the FAQ is, in fact, being that inclusive. Also, as of this writing, no such shared trait exists.)