Whether it's exact depends upon what you mean by exact. The TEV translators believe they are more exact than a literal translation. There are two major methods of translation, because it's impossible in general to show both the exact form of the original and get all the meaning. There are advantages to each. Thus it is useful if you are working with a detailed commentary that is discussing the original language or the literary form.
Dyanmic equivalence is the opposite approach.
Its goal is to transfer the same meaning and impact to a modern reader than the original would have to its original readers. But there's a cost to this, too. You often lose features of the original form, particularly in poetic passages. Most translations are a compromise between these two methods. Mainstream translations such as KJV, NRSV, NAB, and NIV all try to stick as close to literal as they can without paying too high a penalty in meaning, but will adopt features of dynamic equivalence where necessary.