Rexper :
The monitor's refresh rate basically puts a hard cap on the visible frame rate.
This isn't strictly accurate. It's also where things get a bit more complicated.
With VSync on, things behave as you describe. However with VSync off, a single "frame" as seen on a 60hz (or whatever) display can actually comprise of multiple "frames" from the GPU. If, for example, your GPU is running at 180fps with vsync off, a single "frame" as visible on your display would actually consist of parts of 3 different frames from your GPU (because the GPU is updating the current frame 3 times as fast as the monitor can). About a third of the way into sending the frame to the monitor, the GPU would have a new frame ready and the second third of the "frame" would be sent form that new frame from the GPU, then some time around when the final 3rd of the frame is being sent, a new frame is again ready from the GPU and that be sent as the final section.
That's why you can see tearing with VSync off, particularly if you're looking quickly from left to right, because the final frame displayed on the monitor comprises multiple frames which don't quite line up with each other.