The cheap ones are called golf rangefinders for a reason. They're basically a small telescope with a calibrated line on a screen. You fit the flagstick between the base and line and read off the distance, which is based entirely on the flag being six feet high. They're every bit as accurate as their price tag would suggest.
The laser rangefinders are much more accurate, will give a distance to anything you can see and cost a fair bit more.
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