What time is it?

[BMAD]

"What time is it, Rory?" asked Cory one lazy day. "When I checked my watch this morning, the hour hand was where the minute hand is now, and the minute hand was one minute before where the hour hand now sits. I notice both hands are now at exact minute divisions." What is the time now? When did Rory check this morning?

[kingofpain]

Since the hands are at exact minute divisions now, the minute hand has to be pointing at the 0, 12, 24,36 or 48th minute division. This also applies to the morning because the hour hand then was pointing to where the minute hand is pointing now..

The minute hand in the morning was pointing 1 minute before where the hour hand now sits. Which means the hour hand NOW sits at 1, 13, 25, 37 or 49th minute division...

Possible times it is NOW
12:12
2:36
5:00
7:12
9:48

The possible times for THEN that would then arise is:
2:24
7:12
12:00
2:24
9:36

The only one matching the "1 minute before" constraint in the morning is

NOW: 2:36; THEN 7:12