Practical advice from candidates who've passed and from Examitect's question authors.
Tip 1, treat the four pages as a single argument. Each section in the paper sets up the next. Skim it once for the arc before you go back for the details, or the failure-mode discussion will feel disconnected from the shear-wall mechanics.
Tip 2, learn the casualties table. The 1995 Kobe earthquake killed roughly 6,300 people but only a handful in "2x4" platform-frame wood houses. That contrast is what motivates the whole paper, and it shows up in Section 2 questions on why Part 9 prescriptive rules can work for housing.
Tip 3, separate the design path from the engineered path. If a question describes a four-storey wood building or a footprint over 600 square metres, the answer is almost always "Part 4 and a structural engineer," not "Part 9 prescriptive rules." This Update is where that line is clearest.
Tip 4, sketch a weak first storey. Draw two storeys with the upper floor solid-walled and the ground floor opened up for a garage door. Mark the shear forces accumulating at the base. If you can draw it, you can recognize it in a question stem.
Tip 5, don't memorize the proprietary system names. ZWALL, MIDPLY and Strong-wall illustrate the principle that engineered solutions exist when architectural openings dominate. The ExAC will not ask you which trademark applies to which patent. It will ask whether an engineered alternative is needed.
Tip 6, remember the NBC moved to 2 percent in 50 years. The Update mentions the shift from a 10 percent to a 2 percent chance of exceedance over 50 years for seismic design. That higher-hazard basis is now built into NBC 2020. Older buildings designed to the earlier standard sit below current expectations.
Tip 7, link the Update to CSA O86 and CSA S832. O86 is the wood design standard that now carries the shear-wall provisions the Update foreshadowed. S832 covers non-structural seismic risk (the unrestrained furnishings and appliances at the end of the failure-modes list). Naming both standards is the kind of detail that lifts an answer from defensible to confident.