The list u r currently looking at LAM website expires 2017. Well technically u are still covered as long as u enroll by 2017 (grad 2020). That is the expiry date.

There will be a reaccreditation process (if the school wish it) just like the local schools every 5 years. This is to standardize both local and overseas schools.

So to answer ur first question, no u dont have to take the exam. U just need to register, thats all.