The phrase you're looking for is "proficiency check", since you are less than 5 years out of recency.
Not in accordance with JAR-FCL. Rating renewal requires a Skill Test. JAR-FCL 1.245
(2) If a single-pilot single-engine class
rating has expired, the applicant shall
complete the skill test in Appendices 1 and 3
to JAR–FCL 1.240.
After 8 April 2012 it will indeed be a Proficiency Check as the EASA definition differs from the JAA definition. FCL010
‘Proficiency check’ means the demonstration of skill to revalidate or renew ratings, and including such oral examination as may be required.
and do the revalidation by proficiency check, are you able to exercise all of the privilages of the license again immediately after a successful check?
Yes but as stated above its is a Renewal if it has expired and a Skill Test however; the content is the same and the examiner signs the rating page. Under EASA you will have to got to an ATO for renewal as well.