What matters is that unless you are granted a waiver by the FAA, your privileges are technically suspended until you take and pass the test. I was able to find a testing center and after passing am now current.
It is just like a regular airman certificate that expires. The certificate remains valid but the airman is not permitted to exercise the privileges until becoming current again. If you have questions, I recommend calling your Flight Standards District Office of the FAA and speak to them. I did that and it helped me confirm that my actions were meeting the regulations.