All games will be available new in both disc or digital form, and will need to be installed on your Xbox One while logged in. From there, you'll be registered for the game on the cloud, so you'll be able to play it wherever you're logged into an Xbox One, even if you happen to be at a friend's house.
You will have the option to resell that game back to a retailer, but that retailer will have to sign up with Microsoft to allow you to do so. Microsoft won't charge fees to do that, but it does say that "third party publishers may opt in or out of supporting game resale and may set up business terms or transfer fees with retailers." You can give the game away, but only once and only to someone who's been on your friends list for that required 30 days.
Microsoft also says that the ability to loan or rent games "won't be available at launch, but we are exploring the possibilities with our partners." All of the information about game licensing on the new console can be seen on the official Xbox One site.