There are three important time breakouts that are important in this game.
Instant these things happen as soon as it’s your turn and can be done in addition to an action typically used with spells
Round this is a 10 second time increment where combat or actions take place
Turn this is a 10 minute time increment in which most time is recorded
Movement and Timekeeping
The speed listed on each race type is the distance a character can move unencumbered per turn (10 minutes). So if the characters moves 3 squares in a dungeon with 10′ x 10′ grid squares, then for every 3 squares, tick off a turn.
Searching a room also takes time, 1 turn per 30′ x 30′ space.
For more details check out bookkeeping and time