Expanding on Dylan Wilson's answer, condition (2) is indeed just a continuation of $\mathbb{G}_m$-action to an $\mathbb{A}^1$-action, since $\mathcal{O}(\mathbb{A}^1) \hookrightarrow \mathcal{O}(\mathbb{G}_m): \mathbb{k}[t] \hookrightarrow \mathbb{k}[t, t^{-1}]$. Condition (1) is trickier, since the action of $\mathbb{G}_m$ on $V$ will have inseparable orbits --- see the action on $\mathbb{A}^n$. Thus we can't think of it as transitivity (not of the group action at least, the monoid $\mathbb{A}^1$ action is transitive in a sense that any two points can be mapped to a same point). Instead we should look at it together with condition (2), which implies that the action of $\mathbb{G}_m$ has fixed points: for any $x \in V$ the point $0\cdot x \in V$ will be fixed. Here $0 \in \mathbb{A}^1$ and its action exists by (2). Condition (1) then reduces to the statement that the $\mathbb{G}_m$-action has a unique fixed point. On the level of functions it is given by a graded morphism $\mathcal{O}(V) \to \mathbb k$ as graded algebras. Condition (3) means that the action is free if we remove that single fixed point. We can see it because the action on $A_1^*$ is a free action apart from $0 \in A_1^*$ and the embedding $V \hookrightarrow A_1^*$ is $\mathbb{G}_m$-equivariant, as a morphism of graded algebras.
The simplest example where you can see all those statements is the obvious action on $\mathbb{A}^n$. On the other hand, consider the obvious action of $\mathbb{G}_m$ on itself. It corresponds to the natural grading on $\mathbb{k}[t,t^{-1}]$. The reasons (2) fails here is obvious. Since there is no morphism $\mathbb{k}[t,t^{-1}] \to \mathbb{k}$, the action has no fixed points. In this case (1) indeed reduces to transitivity. Instead of (3) we have that $Sym(A_1 \oplus A_{-1}) \to A_\bullet$ is surjective. This also implies that the action is free, for the same reasons as above.