According to Kotaku, you can't own houses because it is too hard to implement.
http://www.kotaku.com.au/2012/05/fir...r-fantasy-mmo/
It also is NOT sandbox. Your level determines where you are allowed to go. And NPCs don't have schedules so they just stay where they are forever. You also don't have real time combat.
In short, it is a repackaged WoW clone with the TES name slapped on. Have fun!