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They seem to be reasonably to very accurate with some small exceptions. ESR on caps under ~1uF should be disregarded. Resistors ~1M and higher will often read a pF value caps if left in circuit....Also if a good size cap is in circuit somewhat lower resistances will be ignored and the cap will be discovered instead...Easy to deal with by cutting a leg free from the circuit. Some inductors with low resistance (high Q) and inductance near the edge of range will be confused as resistors. Lytic caps that are leaky below ~9V will read as diodes. Once you learn the mild quirks it is a highly useful piece of gear...Heck it is useful even without knowing the quirks; it just makes you pause and scratch your head when you find one.
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