You don't need to pass a CPL BFR, you can fly to a PPL BFR standard and get yourself back in the air. If you then want to start flying as a CPL for hire or reward, your employer will require you to fly a route check / competency flight which will meet the CPL BFR requirements.
As to needing to sit / pass a law exam, although it isn't required, you already hold a life time licence, I would recommend spending some time going over the syllabus, as I'm sure you will find a lot has changed in five years.