These types of puzzles are known as charades. What you have to do is to find two words that are referred to in the first stanza and the second stanza and put them together to form the third word in the third stanza.
Just for example, if my first refers to 'off' and my second refers to 'ice', then my whole will be the 'office'.
My first is present - future's past -
A time in which your lot is cast.
My second is my first of space
Defining people's present place.
My whole describes a lack of site -
A place without length, breadth, or height.
You are confined in a room and given two metal rods. Out of these two rods, one is magnet and the other is the iron rod. They look starkly similar. You don't have any other metal object in the room.
I want to fill my bucket using both cold and hot water.
I have two taps for both cold and hot water. The hot water tap fills the bucket in exact 6 hours and the cold water tap fills the bucket in exact 4 hours.
I turn both of them simultaneously but I forgot to turn off another tap which removes the water out of the bucket. This tap can empty the bucket in 12 hours.