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Local Branch and Remote Branch difference in VBS?

I created 1 workspace and 3 branches named Branch 1, 2,3 respectively. Initially Branch 2 is tagged to my workspace. I tried to switch it to Branch 3 but in the dropdown I can see two categories Local Branch(Consists of Branch2 and main) and Remote Branches( Branch1 and 3). Is this expected behavior?

1)What is the difference between local and remote branch?
2) Will there be duplicates like Branch 2 in Local and as well as Branch 2 in Remote Branch dropdowns?
3) At any point of time there will be only one branch either 1 local or 1 remote?

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