Crits, or critiques, is a time when architecture students can present their work to a series of judges. Usually these judges are professors from the same university (sometimes in the same department, sometimes in a different department– like studio art, or fashion design). They will have their models and a series of pin ups of presentation boards. Depending on each studio, you will have about 5-10 minutes to elaborate the concept behind your work and the steps you took to get there.
Here is a good link about the opinions centering around a crit at university level.