Based on what i've researched on that plant (since alot of people have been buying the same plant from LFS and asking the same questions)... it seems to be Selaginella willdenowii, usually meant to be used as a terrarium plant.
You can find it also listed on Capricorn aquarium's website (local plant farm) under the terrarium category:
http://capricornaquarium.com/product...la-wildenowii/
Other common terrarium plants sold at most LFS are also listed for reference:
http://capricornaquarium.com/product...rarium-plants/
Like most terrarium/house plants (ie. fittonia, acorus, dracaena etc), they can sit submersed for a while, sometimes for quite a long time as the leaves are tough. Just that they might not grow much (hence not much nutrient uptake) and may tend to slowly deteriorate over a period of time. Some people still choose to keep non-aquatic terrarium plants in their tanks though, they just consider it as a static decorative item.
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