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While conversion rate metric is a necessary piece of potential joint venture package, it can be misleading if not properly qualified.
So, what questions do you ask to properly qualify what 'conversion rate' means and how do you verify it?
Short of looking at other marketer's web log, you really can't verify metric. The best thing to do is to review product yourself if possible and take a look at sales copy of product. Take a look at Alexa ranking to see what type of traffic site is getting, at least from a volume standpoint.
Remember, Alexa rankings measure volume of traffic not quality of traffic. Go to Google or some other search engine and see what types of sites link to site of product.
If there are professional well traveled sites that link to site that fit well within niche that product caters to, and sales copy, price point, and delivery are professional and fitting to product offering, maybe conversion rate is comparable to what you're being told it is.
But, just because conversion rates maybe close to truthful, it doesn't mean that sending a solo ad to your list will work well.
You have to decide for yourself if product could pull in type of conversion rates that are being 'sold' to you by proposer of JV.
Remember that source of traffic is one of main factors that will determine what type of conversion rate any JV will obtain. Ask yourself if your list will respond well to a solo ad JV. Only you as list owner will know whether product will be useful to your list and purchased by your list.
Be humble, work smart, keep it simple.
Karl Augustine "The Regular Guy" (c) Karl Augustine Starting an online business
*Author, "9 Deadly Mistakes To Avoid When Starting An Online Business" *Get exclusive SEO reports for top 10 rankings today! http://www.9mistakes-online.com