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100+ Free Dipl. Immobilientreuhänder HFP Practice Questions

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2026 Statistics

Key Facts: Dipl. Immobilientreuhänder HFP Exam

100

Practice Questions

OpenExamPrep

CHF 3'200

Federal Examination Fee (CHF 2'700 with an exemption)

SFPKIW Merkblatt zur Rechnung 2026

CHF 10'500

Maximum SBFI Reimbursement of Preparatory Course Fees (50% of tuition)

SBFI Subjektfinanzierung

8

Examination Parts, Weighted Out of a Total Weighting of 11

SFPKIW Wegleitung Immobilientreuhand

16 Hours

Total Written Examination Time Across Five Papers Over Three Days

SFPKIW Prüfungsprogramm HFP 2026

105 Mins

Total Oral Time: Two 30-Minute Interviews Plus a 45-Minute Thesis Colloquium

SFPKIW Prüfungsprogramm HFP 2026

20%

Statutory Minimum Cantonal Planning Gain Levy (Mehrwertabgabe) on Newly Rezoned Building Land

Raumplanungsgesetz (RPG Art. 5)

3 Years

Full-Time Real Estate Practice Required After the Qualifying Certificate, at Least 2 Years of It in Switzerland

SFPKIW Wegleitung Ziff. IV

The Swiss Diplomierte/r Immobilientreuhänder/in (HFP) is the master-level Federal Higher Professional Examination for real estate trustees and senior property executives, conducted by the SFPKIW for SVIT and USPI. Its eight parts total 17.75 hours: five written case papers of 16 hours over three days, two 30-minute oral expert interviews, and a diploma thesis defended in a 45-minute colloquium. The double-weighted parts are Unternehmensführung, Immobilientreuhand and the Diplomarbeit. Admission requires a real estate Fachausweis, another federal diploma, an HF qualification or a university degree, plus 3 years of full-time real estate practice with at least 2 years in Switzerland. The fee is CHF 3'200 (CHF 2'700 with an exemption) and up to CHF 10'500 of preparatory tuition is reimbursed by the SBFI. Passing requires an overall grade of at least 4.0 on the Swiss 1.0–6.0 scale, a grade below 4.0 in at most two parts, and no part below 3.0. This bank provides 100 English-language multiple-choice study questions as a preparatory aid, not an official-format simulation.

Sample Dipl. Immobilientreuhänder HFP Practice Questions

Try these sample questions to test your Dipl. Immobilientreuhänder HFP exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Swiss Valuation Standards (Schweizer Schätzerstandards - SVS), what is the core methodology of the Capitalized Earnings Value method (Ertragswertmethode)?
A.Capitalizing sustainable net rental income (nachhaltiger Nettoertrag) by an appropriate, market-derived capitalization rate (Kapitalisierungssatz)
B.Adding the historical brick-and-mortar construction cost to the cantonal fiscal land tax value
C.Multiplying gross potential rent by a uniform nationwide factor of 25
D.Estimating future demolition scrap value and discounting it to present day
Explanation: Under the SVS (Swiss Valuation Standards), the Capitalized Earnings Method (Ertragswertmethode) determines property value by capitalizing the sustainable net rental income (Ertragswert = Nachhaltiger Nettoertrag / Kapitalisierungssatz). Net income excludes operating, maintenance, and vacancy costs.
2A commercial investment property generates sustainable net operating income (NOI / nachhaltiger Nettoertrag) of CHF 360,000 per annum. An appraiser determines that the appropriate market capitalization rate (Kapitalisierungssatz) is 4.50%. What is the capitalized earnings value (Ertragswert)?
A.CHF 8,000,000
B.CHF 7,200,000
C.CHF 8,888,888
D.CHF 6,500,000
Explanation: Ertragswert = Nachhaltiger Nettoertrag / Kapitalisierungssatz = CHF 360,000 / 0.045 = CHF 8,000,000.
3Under Swiss Valuation Standards (SVS), what components make up the total gross capitalization rate (Brutto-Kapitalisierungssatz) when capitalizing gross rental income (Bruttoertrag)?
A.Risk-free base interest rate, real estate market risk premium, structural depreciation (Altersentwertung), and property operating/maintenance/vacancy cost allowances
B.Cantonal corporate income tax rate plus federal stamp duty
C.Mortgage debt interest rate plus notary public fees
D.Construction inflation index multiplied by local land price growth
Explanation: Under SVS principles, the gross capitalization rate comprises: (1) the basic financial interest rate (risk-free base rate + general real estate risk premium), (2) property-specific structural depreciation / future replacement allowance (Altersentwertung/Rückstellung), and (3) management, maintenance, operating, and vacancy loss surcharges (Bewirtschaftungs- und Nebenkostenzuschlag).
4In a Discounted Cash Flow (DCF) real estate valuation in Switzerland, what does the 'Exit Value' (Residualwert am Ende des Detailprognosezeitraums) represent?
A.The capitalized value of sustainable net cash flows generated beyond the explicit 10-year forecast horizon, discounted back to the valuation date
B.The salvage scrap value of building materials upon immediate demolition
C.The cumulative total of all rental income collected during the first 10 years
D.The original purchase price indexed to the Swiss Consumer Price Index
Explanation: In DCF modeling (standard 10-year explicit projection period in Switzerland), the Exit Value (Residualwert) represents the capitalized net cash flow of the 11th year into perpetuity (Terminal Value), discounted back to present value at the valuation date.
5Under Swiss DCF valuation practice, what is the mathematical relationship between a nominal discount rate (nominaler Diskontierungssatz) and a real discount rate (realer Diskontierungssatz)?
A.(1 + Nominal Rate) = (1 + Real Rate) × (1 + Expected Inflation Rate)
B.Nominal Rate = Real Rate × 2.5
C.Real Rate = Nominal Rate + Expected Inflation Rate
D.Nominal Rate = Real Rate divided by the cantonal tax rate
Explanation: Under the Fisher equation applied in financial real estate valuation: (1 + r_nominal) = (1 + r_real) × (1 + i_inflation). A nominal cash flow forecast (including inflation) requires a nominal discount rate, while a real cash flow forecast requires a real discount rate.
6Under the Asset/Substance Value method (Sachwertmethode / Substanzwert), what components determine the total real value of a property?
A.Land Value (Landwert) + Building Replacement Cost (Neuwert der Baukosten) minus Technical and Age Depreciation (Altersentwertung / Minderwert) + Incidental Building Costs and Outdoor Surroundings (BKP 4 + BKP 5)
B.Net rental income multiplied by 20 minus mortgage loans
C.The insured building value under the cantonal building insurance policy without land value
D.The average sales price of all properties sold in the canton over the past 12 months
Explanation: Under SVS standards, the Sachwert (Substanzwert) = Land value (Landwert) + Building construction new replacement cost (BKP 2) minus accumulated depreciation (Altersentwertung) + Surrounding landscaping (BKP 4) + Incidental costs (BKP 5).
7A residential property has a Land Value of CHF 1,500,000. The new construction cost of the building (including surroundings and fees) is CHF 3,000,000. The building is 25 years old with an estimated total economic lifespan of 100 years, and straight-line technical depreciation of 25% (CHF 750,000) is deducted. What is the Asset/Substance Value (Sachwert)?
A.CHF 3,750,000
B.CHF 4,500,000
C.CHF 2,250,000
D.CHF 3,000,000
Explanation: Depreciated building value (Zeitwert) = CHF 3,000,000 - CHF 750,000 = CHF 2,250,000. Total Sachwert = Land Value (CHF 1,500,000) + Depreciated Building Value (CHF 2,250,000) = CHF 3,750,000.
8An appraiser calculates a property's Capitalized Earnings Value (Ertragswert) as CHF 6,000,000 and its Substance Value (Sachwert) as CHF 4,000,000. Using the traditional Swiss Practitioner's Method (Praktikermethode / Mittelwertmethode) in its customary weighting, what is the calculated market value (Verkehrswert)?
A.CHF 5,333,333
B.CHF 5,000,000
C.CHF 5,500,000
D.CHF 4,666,667
Explanation: The Praktikermethode, also called the Mittelwertmethode, takes a weighted average of the earnings value and the substance value. Swiss practice, including the tax administrations' Kreisschreiben Nr. 28 approach, weights the earnings value twice and the substance value once: Verkehrswert = (2 × Ertragswert + 1 × Sachwert) ÷ 3 = (2 × CHF 6,000,000 + CHF 4,000,000) ÷ 3 = CHF 16,000,000 ÷ 3 = CHF 5,333,333. Other weightings can be agreed in the mandate, but the double weighting of earning power is the default.
9In real estate development valuation, what is the core equation of the Residual Value Method (Residualwertmethode) for determining the value of unbuilt building land?
A.Land Residual Value = Gross Development Value (end market value of completed project) minus Total Construction Costs (BKP 1–5), Financing Costs, Developer Profit Margin, and Project Risks
B.Land Residual Value = Historical purchase price multiplied by cantonal population growth
C.Land Residual Value = Construction cost multiplied by 50%
D.Land Residual Value = Annual property tax divided by the mortgage interest rate
Explanation: The Residual Value Method (Residualwertmethode) calculates the maximum feasible purchase price for development land: Land Value = End Market Value of Completed Development (GDV) - Total Construction Costs (BKP 1-5) - Financing & Marketing Costs - Required Developer Profit / Risk Premium.
10A developer plans a residential condominium project with expected gross sales proceeds (Gross Development Value) of CHF 12,000,000. Total construction costs (BKP 1–5) are estimated at CHF 7,500,000, financing and marketing costs at CHF 500,000, and the developer's required return/risk margin is CHF 1,200,000 (10% of GDV). What is the maximum residual land value (Residualwert des Baulands)?
A.CHF 2,800,000
B.CHF 4,000,000
C.CHF 3,300,000
D.CHF 2,000,000
Explanation: Residual Land Value = GDV - Construction Costs - Financing/Marketing - Developer Margin = CHF 12,000,000 - CHF 7,500,000 - CHF 500,000 - CHF 1,200,000 = CHF 2,800,000.

About the Dipl. Immobilientreuhänder HFP Exam

The Diplomierte/r Immobilientreuhänder/in mit eidgenössischem Diplom (HFP) is the highest Swiss professional qualification in the real estate sector (Level 6 equivalence). Regulated by the SFPKIW under SBFI supervision, it qualifies professionals to lead a small or medium-sized real estate business, or a division of a large one, and to advise clients on legal and financial questions concerning their property portfolio. The eight examination parts cover corporate leadership (personnel, financial and legal management, corporate marketing), fiduciary client advice (building and planning law, Lex Koller, ZGB property law, property VAT, SchKG, portfolio management and financing), property management and insurance, marketing and brokerage, valuation, and a defended diploma thesis. The official examination is sat in German, French, or Italian; this practice bank is an English-language multiple-choice study adaptation of that syllabus, not an official translation or a simulation of the exam format.

Assessment

The Höhere Fachprüfung is governed by the Prüfungsordnung approved on 25 April 2012 and the accompanying Wegleitung of the Schweizerische Fachprüfungskommission der Immobilienwirtschaft (SFPKIW / CSEEI / CEPSEI) on behalf of SVIT and USPI, under SBFI supervision. The eight parts and their weightings out of 11 are: 1 Unternehmensführung written 4 h (2), 2 Unternehmensführung oral 0.5 h (1), 3 Immobilienbewirtschaftung written 2 h (1), 4 Immobilienvermarktung written 2 h (1), 5 Immobilienbewertung written 4 h (1), 6 Immobilientreuhand written 4 h (2), 7 Immobilientreuhand oral 0.5 h (1) and 8 Diplomarbeit, prepared in advance and defended in a 45-minute colloquium (2). The total examination time is 17.75 hours. Holders of the Fachausweis in Immobilienbewirtschaftung, Immobilienvermarktung or Immobilienbewertung can be exempted from parts 3, 4 or 5 respectively. The Wegleitung states that the listed learning objectives are exhaustive and that other topics are not examined. Written papers are sat in August and orals the following week, in German, French, or Italian.

Time Limit

1065 minutes

Passing Score

Graded on the Swiss 1.0–6.0 scale, with only half-grade increments permitted. Under Ziff. 6.41 of the Prüfungsordnung all three conditions must be met cumulatively: the overall weighted grade is at least 4.0; a grade below 4.0 is awarded in at most two examination parts; and no examination part is graded below 3.0.

Exam Fee

CHF 3'200 (Schweizerische Fachprüfungskommission der Immobilienwirtschaft (SFPKIW / CSEEI / CEPSEI) on behalf of SVIT Schweiz and USPI, under SBFI supervision)

Dipl. Immobilientreuhänder HFP Exam Content Outline

28%

Unternehmensführung — Corporate Leadership (Prüfungsteile 1 written 4 h and 2 oral 0.5 h, weighting 2 + 1 of 11)

Personalwirtschaft (quantitative and qualitative staffing needs, job profiles, recruitment, selection interviews and assessment, organisational forms, the four motivation theories of Maslow, Herzberg, Porter/Lawler and Adams, appraisal interviews, pay systems, career development, dismissal); Finanzielle Führung (accounting principles and financial reporting under the OR, annual accounts and annual report, risk management, selection of real estate IT applications, balance sheet and income ratios); Rechtliche Führung (business taxes by tax sovereignty, subject and object, employment law under OR/ArG/GAV, distinguishing employment contract from mandate and works contract, quarterly VAT returns including option, input tax deduction, accounting methods and the Saldosteuersatz, company insurances such as daily sickness benefit, UVG, BVG and public liability, works and mandate contracts); and Unternehmensmarketing (vision and Leitbild, corporate identity, marketing mix, acquisition methods, structured client meetings)

27%

Immobilientreuhand — Fiduciary Client Advice, Portfolio and Finance (Prüfungsteile 6 written 4 h and 7 oral 0.5 h, weighting 2 + 1 of 11)

Kundenberatung in rechtlichen Fragen (advising on construction projects and acting as client representative, advising on property transfers, principles of building and planning law including spatial planning and environmental law, warranties under OR and SIA 118, formal and material expropriation, rural land law, reading site and building plans, Lex Koller/BewG, ZGB property law including servitudes, condominium constitution and Reglement, inheritance law and building rights, OR works, tenancy and purchase contracts, VAT Art. 21/22 and 28–33 MWSTG plus Brancheninfo 17 and Art. 71 MWSTV, and SchKG realisation of a real estate pledge and the landlord's right of retention); Portfolio Management (portfolio strategy, risk-return profiles, hold/sell/refurbish/replace recommendations, active steering and mandating); and Kundenberatung in finanziellen Fragen (mortgage types and credit assessment, loans, guarantees, energy and cooperative subsidies, equity)

18%

Diplomarbeit — Diploma Thesis and Colloquium (Prüfungsteil 8, weighting 2 of 11)

A practical thesis on a topic set by the examination commission at least 16 weeks before the oral examination and submitted at least 8 weeks before it, tested for integrated thinking across several subject areas. Defended in a 45-minute colloquium consisting of a 15-minute presentation followed by a 30-minute expert discussion. Assessed on problem definition and scope, methodology, analysis of the situation or object, results and calculations, weighting and interpretation, conclusions and recommendations, plus formal structure and presentation

9%

Immobilienbewertung — Property Valuation (Prüfungsteil 5 written 4 h, weighting 1 of 11)

Preparatory parameters such as cubic and area calculations, repair backlog and income/expense computations; distinguishing and applying the income methods (present value and DCF), the Sachwert/Substanzwert method and hedonic (econometric) models; comparing and explaining deviations between calculation variants; judging whether sustainability factors were reflected in an existing valuation report; benchmarking with yields, square-metre prices and transaction evidence; the approximate relation of fiscal and insurance values to market value; definitions of Verkehrswert, Fortführungswert and related value concepts; requirements for arbitration and court expert reports; and correct application of the national and international valuation standards named in the Wegleitung (RICS and TEGoVA)

9%

Immobilienvermarktung — Marketing and Brokerage (Prüfungsteil 4 written 2 h, weighting 1 of 11)

Real estate marketing, marketing concepts for a property or development, marketing activities and channels, and the sale of property including the brokerage contract under OR Art. 412 ff, the causal link required for commission, judicial reduction of an excessive fee under Art. 417 OR, dual agency under Art. 415 OR, and the formal requirements of a Swiss property purchase contract

9%

Immobilienbewirtschaftung — Property Management and Insurance (Prüfungsteil 3 written 2 h, weighting 1 of 11)

Versicherungswesen (applications of building, household contents and loss-of-rent insurance, private and building liability cover, the insurances that are compulsory for a property or condominium owner, interpreting policy terms on deadlines, duration, amendment, cancellation and limitation, scope of cover, and correct notification of claims) and Mietvertrag/Mietrecht (formation and content of a valid lease and the tenancy rules a trustee must apply when supervising rent setting, rent adjustment and termination). Holders of the Fachausweis Immobilienbewirtschaftung can be exempted from this part

How to Pass the Dipl. Immobilientreuhänder HFP Exam

What You Need to Know

  • Passing score: Graded on the Swiss 1.0–6.0 scale, with only half-grade increments permitted. Under Ziff. 6.41 of the Prüfungsordnung all three conditions must be met cumulatively: the overall weighted grade is at least 4.0; a grade below 4.0 is awarded in at most two examination parts; and no examination part is graded below 3.0.
  • Assessment: The Höhere Fachprüfung is governed by the Prüfungsordnung approved on 25 April 2012 and the accompanying Wegleitung of the Schweizerische Fachprüfungskommission der Immobilienwirtschaft (SFPKIW / CSEEI / CEPSEI) on behalf of SVIT and USPI, under SBFI supervision. The eight parts and their weightings out of 11 are: 1 Unternehmensführung written 4 h (2), 2 Unternehmensführung oral 0.5 h (1), 3 Immobilienbewirtschaftung written 2 h (1), 4 Immobilienvermarktung written 2 h (1), 5 Immobilienbewertung written 4 h (1), 6 Immobilientreuhand written 4 h (2), 7 Immobilientreuhand oral 0.5 h (1) and 8 Diplomarbeit, prepared in advance and defended in a 45-minute colloquium (2). The total examination time is 17.75 hours. Holders of the Fachausweis in Immobilienbewirtschaftung, Immobilienvermarktung or Immobilienbewertung can be exempted from parts 3, 4 or 5 respectively. The Wegleitung states that the listed learning objectives are exhaustive and that other topics are not examined. Written papers are sat in August and orals the following week, in German, French, or Italian.
  • Time limit: 1065 minutes
  • Exam fee: CHF 3'200

Keys to Passing

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Dipl. Immobilientreuhänder HFP Study Tips from Top Performers

1Work from the Wegleitung, which states that its lists of learning objectives are exhaustive and that other topics are not examined. Weight your revision to the official parts: Unternehmensführung and Immobilientreuhand each carry 3 of 11, the Diplomarbeit carries 2 of 11, and Bewertung, Vermarktung and Bewirtschaftung carry 1 of 11 each.
2Do not neglect Unternehmensführung, which is as heavily weighted as Immobilientreuhand: be able to name and contrast the four motivation theories the Wegleitung specifies (Maslow, Herzberg, Porter/Lawler, Adams), draw up an employment contract, distinguish Arbeitsvertrag from Auftrag and Werkvertrag, complete a quarterly VAT return under the effective and Saldosteuersatz methods, and calculate balance sheet and income ratios from an OR-compliant annual account.
3Master Real Estate Valuation & DCF: memorize the discount rate components (risk-free base rate + real estate risk premium + property-specific risks), exit capitalization formula, gross vs. net initial yield, residual land value calculations, and Baurechtszins capitalization. The Wegleitung names RICS and TEGoVA as the standards to apply correctly; the Swiss Valuation Standard (SVS), issued by CEI, HEV Zürich, RICS Switzerland, SEK/SVIT and SIV, is the domestic reference work built on them.
4Understand Lex Koller (BewG) and Lex Weber (ZWG): identify exempt transactions (purely commercial operating premises under Art. 2 Abs. 2 lit. a BewG, main residence of EU/EFTA citizens residing in Switzerland) vs. restricted acquisitions (residential rental buildings, secondary vacation homes, shares in unlisted residential property companies). Memorize the 20% cap on second homes under the Zweitwohnungsgesetz.
5Drill Swiss Real Estate Taxation: differentiate between the Monistic system (Zürcher Modell: all real estate capital gains taxed via Grundstückgewinnsteuer) and the Dualistic system (St. Galler Modell: individual private gains taxed via Grundstückgewinnsteuer, commercial gains taxed via ordinary income/profit tax with depreciation recapture). Memorize tax-deferral conditions for replacement acquisitions (Ersatzbeschaffung von selbstbewohntem Wohneigentum within 2 years).
6Learn Swiss Spatial Planning (RPG): master zoning plan hierarchy (Richtplan, Zonenplan, Quartierplan), building utilization coefficients (Ausnützungsziffer AZ, Baumassenziffer BMZ, Geschossflächenziffer GFZ), and statutory planning gain levies (Mehrwertabgabe of at least 20% on newly rezoned building land under Art. 5 RPG).
7Review AML / GwG Compliance & Fiduciary Governance: understand the obligations of real estate trustees under the Anti-Money Laundering Act (Geldwäschereigesetz GwG) when conducting real estate transactions, identifying beneficial owners (wirtschaftlich Berechtigte), and reporting suspicious transactions to MROS.
8Start the Diplomarbeit early and treat it as an examination part worth 2 of 11. The commission issues topics in late January, the disposition is due in February, the definitive topic is confirmed in April and the thesis must be posted by late June for an August examination. Follow the commission's Leitfaden: an introduction of at most two A4 pages covering topic, problem statement, objective, scope and methodology, then a main part running analysis to results to weighted appraisal, and finally conclusions and recommendations.

Frequently Asked Questions

What is the Swiss Diplomierte/r Immobilientreuhänder/in HFP credential?

It is the premier master-level federal diploma in the Swiss real estate sector (Höhere Fachprüfung HFP). Awarded under the authority of the State Secretariat for Education, Research and Innovation (SBFI) through the SFPKIW examination commission, it confers the legally protected title 'Diplomierte/r Immobilientreuhänder/in' and qualifies holders for executive leadership, complex valuation consulting, real estate taxation, and fiduciary management.

How is the SFPKIW Immobilientreuhänder HFP examination structured?

There are eight examination parts totalling 17.75 hours. Five are written case papers sat over three days in August: Immobilientreuhand (240 min), Immobilienvermarktung (120 min), Unternehmensführung (240 min), Immobilienbewirtschaftung (120 min) and Immobilienbewertung (240 min). Two are 30-minute oral expert interviews built on a practical case, in Unternehmensführung and Immobilientreuhand. The eighth is the diploma thesis, written in advance and defended in a 45-minute colloquium made up of a 15-minute presentation and a 30-minute expert discussion. Unternehmensführung written, Immobilientreuhand written and the Diplomarbeit each carry double weighting out of a total weighting of 11.

How much does the Swiss Immobilientreuhänder HFP examination cost?

The examination fee set by the SFPKIW is CHF 3'200, reduced to CHF 2'700 where the candidate holds at least one exemption or a carried-forward grade. Withdrawal after the payment deadline costs CHF 700, rising to CHF 1'200 close to the examination and only for excusable reasons. Candidates who complete a listed preparatory course and sit the federal examination are eligible for a 50% federal contribution (Subjektfinanzierung) from the SBFI, refunding up to CHF 10'500 for a höhere Fachprüfung.

What is the Lex Koller (BewG) in Swiss real estate law?

The Lex Koller (Federal Act on the Acquisition of Real Estate by Persons Abroad - BewG) restricts the acquisition of residential real estate, unbuilt land in residential/commercial zones, and shares in non-listed real estate companies by non-resident foreign individuals or foreign-controlled entities. Commercial real estate used exclusively for commercial, industrial, or trading operations (Betriebsstätte-Grundstücke) is exempt from authorization under Art. 2 Abs. 2 lit. a BewG.

How does this practice bank adapt the official Swiss federal examination?

The official examination is delivered in German, French, or Italian using hand-written case papers, technical calculations, oral expert interviews and a defended diploma thesis; it contains no multiple-choice items. This question bank is an English-language multiple-choice study adaptation designed to drill the examinable knowledge base: corporate leadership (personnel, financial and legal management, corporate marketing), fiduciary client advice (planning and building law, Lex Koller, ZGB property law, property VAT, SchKG, portfolio management, financing), property management and insurance, marketing and brokerage, and valuation. It is not an official translation, not a simulation of the written, oral or thesis formats, and cannot substitute for writing a diploma thesis or rehearsing the expert interviews. Technical terms are retained in German for precision.