A.) True.
B.) News outlets are sensational. This is an aircraft, but people equate the future to flying "cars." Also, pedantically speaking, car doesn't have to mean automobile. Car comes from carriage, which was drawn by a horse. By your logic a car should require a horse too, right? :o)
C.) This is a vertical-takeoff-and-landing (VTOL) fixed-wing aircraft. The outboard rotors provide vertical lift during takeoff and landing (so yes they are designed to just _lift_ it), but in flight the rear rotor provides forward thrust while the wings provide vertical lift. I assume the outboard rotors will be seized during cruising speeds, or spinning to provide extra lift assuming the fixed wings are not designed to carry the weight of the aircraft themselves during cruise.
D.) If this were to be flown today, it would likely not meet existing civil regulations. Experimental registration and certification aside, there isn't anything like it that isn't military (i.e. the V-22 Osprey) and I don't know of anything that has both VTOL and fixed wing certification. But as you'd expect, part of this effort is to work with the FAA/ICAO to define regulation. It will probably require a single pilot license with perhaps a "VTOL fixed wing" endorsement, exhaustive training will be required, and will probably be allowed to land and anywhere a helicopter can land but be vectored as if it were a fixed wing.