jQuery - Checkbox Checked

Does prop("checked", false) reset the <option> value on checkbox? For example:

<input type="checkbox" name="price_range" value="1" id="ceo"> < $10,000
<input type="checkbox" name="price_range" value="2" id="bod"> < $ 200,000.00

Let say if I have two checkbox, when I click on id=ceo, then, I click on id=bod it will overwrite the value of the checkbox. Can I use coding as below to get the value:

if ($('#ceo').is(":checked"))
{
    //if ceo is check           
} 
else if ($('#bod').is(":checked")) 
{
    //if bod is check
} 
else 
{
   //set prop("checked", false)
}