Ponytail palm is not a palm at all - it is considered part of the lily family. It is called by other names like "elephant's foot" because of it's distinct bulbous base, some call it bottle palm because of it's thin trunk and bulbous base. The head of the ponytail palm has leaves that are grass-like - weeping, pendulous, and smooth-edged.

A sandy-mix soil generally minimize the probability of root rot, especially compared to the peaty mixes normally used in most tropicals. Specifically, allow the soil to dry well between waterings, and if you have any doubt on whether or not to water the plant, skip it until the next week.