That is hillbilly.

The "tape" is likely lead flashing - proper. The chipped and cracked tile should be replaced but usually at or after completion of the rest of the home, after the unskilled stop walking on the roof. Tile roofs look pretty clunky up close, especially at cuts. It does look like the hips and ridges were nicely mortared, which is not usually done or required around our region. Some rain and weather will help the mars fade. Waterproofing is actually below the tile usually.

If you're then concerned, hire a roof inspector (but not a resale roof warranty company).

Thanks Jeffrey. So is this flashing done on most tile roofs? I guess it was the look of it that concerned me. Also wouldn't lead be hazardous? Thanks again for your time

Most will use flat galvanized if they expect flat tile because it costs less, lead for "S" tile but either is typical. It should be painted. If you're in a custom, you could ask if the pieces in photo #3 could be improved but not likely if this is a production home as long as it works. Will you actually be looking at it while in the balcony?