Usury Is Charging an Interest Rate Higher Than the Maximum

question 112

True/False

Usury is charging an interest rate higher than the maximum permitted by law.

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Definitions:

Reversionary Interest

An interest in an estate or property that comes into effect in the future or upon the occurrence of a specific event.

Life Estate

A property interest limited to the duration of an individual's life, after which ownership may revert to another party.

Land

The solid surface of the Earth that is not covered by water, including the soil and geophysical features, which can be owned, bought, or sold.

Fee Simple Interest

Fee simple interest is the most complete form of ownership in real property, providing the owner absolute control under the law, barring any governmental restrictions or private limitations.