the Bar exam is required for lawyers to legally practice. in context, HOVA is talking to a policeman about his property and search rights; he is telling him that he understands his legal rights and what illegal searches and seizures are
Jay Z has always stressed that he's more than simply "a rapper", and that his skills with the mic, although the core of what he does, are a route to be what he truly is, which is a captain of industry.
Hov is saying that he dumbed down for his audience, by not being too lyrical or technical so the average listener can relate. This way more records will be sold, opposed to the real complicated lyrics he usually kicks that most dont comprehend.