Property Valuation
In NJ, a 'floor area ratio' (FAR) is a zoning measure that regulates:
AThe slope of the building's floors
BThe ratio of a building's total floor area to the total area of the land parcel on which it is built✓ Correct
CThe minimum lot coverage required
DThe number of floors permitted
Explanation
FAR = Total Building Floor Area ÷ Total Land Area. A FAR of 2.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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