If it takes no action points you should be able to do it out of turn to speed up game play. However I believe it is ranged based so there is am arguement for doing it on your turn. There's also an argument to say turn order.is important because maybe your wizard goes before you get to tell him it is weak to fire.
I personally default to the skill you are using. Its called loremaster so you aren't actually examining the creature but recalling what you know about said creature so you should be able to do it out of order since it a free action.
