For what its worth, here is my advice on the biochemistry exemption exam:
The course director, Dr. Ludena said that over the last few years only one person has passed it. Even biochemistry Ph.D.'s don't pass it very often. However, don't let that discourage you from taking it. By taking the exam, even if you don't pass it, it will give you a good feelling for what you will be expected to learn in the course. If I remember correctly, the exemption exam was administered during orientation week, and it was free.
As for preparing for it, the course syllabus is sold through the Dean's office, not the bookstore, and probably won't be available until a week or so before you start phase 1 (after CIC month). So, if you want to read a syllabus (~900 pages for the entire course) your best bet may to find a current first year (such as myself) that will let you borrow it. You can buy from the bookstore for ~ $30, the Biochemistry Board Review Series book and study from it.
This year, the facutly did require a textbook. They gave us the oppurtunity for extra credit by doing some online quizzes that came straight out of the textbook. They were simple ten question quizzes for each chapter. If you took all the quizzes and averaged 7 or above, then 7 points were added to your final average. If you averaged a 6, then 6 points were added, etc. Because of this, it is not too hard to get a good grade in biochemistry. The textbook sells for about $150 new. I will sell my used one for $75, if anybody is interested.