Can there be false lobes on a *localizer*?

Tauno Voipio wrote:

The localizer signal is a combination of three signals

Whoah. Hang on. I've learned (from appropriate FAA publications) that
the localizer was made up of two signals, one modulated at 150 Hz and
the other at 90 Hz, each sent in lobes on either side of the centerline
and the localizer reciever just compares the relative strength of each
signal. Is that right, wrong, or overly simplified?

thanks,
Peter