I had started a Wizard quest but got distracted and I'm fairly certain it took longer than the 30 minute limit. I, however, was able to still buy the needed items and was granted a reward. So does the limit really matter?

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It does matter, specially with Wizard where your prize is reduced if you take too long. I got timed out of a Cinthia quest yesterday. You probably took shorter than you assumed. :)

, oh I see. I wasn't aware the prizes were reduced the longer it took. And you're probably right, I most likely did take shorter of a time than I thought. Thanks. This can be closed.