Apparently the IVS-362 should have a range of 20m, so something is wrong!

These are some oscilloscope screenshots with the signal generator set to 200Hz with a voltage amplitude of 2.7 volts:

Channel IF1:

Channel IF2:

These readings were taken in a cluttered indoor environment with plenty of reflective objects in the 3 to 5 m range. But the module does not seem to be very responsive.