If you can answer "yes" to both questions in the title, DO NOT BUY OR RENT MOVIES FROM GOOGLE! Why? Google is actively blocking rooted users from consuming legitimately-purchased content from their own store. There are many reasons why this is a completely boneheaded decision, but the place to discuss that is elsewhere - I just want to give you guys fair warning, as you'll all get the update soon, whether automatically, or by installing my ROM.
LOL why the **** would they not want rooted phones buying movies from them? That makes no sense at all. And BTW, I would never buy a movie on my phone.