Do you multi-task? Probably.
Can you type and play the guitar at the same time? Well, unless you are not normal, no.
But YOU could do what you are asking the Arduino to do, and if you can, the Arduino can.
It simply requires a little different mindset.
What you are looking to create is a state machine, with transitions between the states causing certain actions to occur.
Make a list of the states that you would have to deal with. PIR sensing motion. PIR not sensing motion. Thermistor is cold. Thermistor is hot.
Now make a list of the things that trigger a change from one state to another. You read the PIR and see that it is HIGH and was NOT, or is LOW and was not. You read the thermistor temperature and it is above a threshold and was not, or it below a threshold and was not.
Now, define what happens when a state transition is required. For instance, if the PIR was not sensing motion, and it is now, you need to turn a light on, and record when that happened. Or, the temperature went above the threshold, so you turn a fan on. Or the temperature went below a threshold, so you turn the fan off.
You'll see that some states have a time element (PIR not sensing motion and light is on) and some do not (man, it's cold in here). So, some transitions occur when enough time has elapsed.
So, on each pass through loop, you determine whether a transition is required (it got hot enough, it got cold enough, the PIR sensed motion, etc.) based on sensor input. If so, you perform the required transition. Then, you determine if any time-based transitions are required (PIR not sensing motion and the light is on and has been for 30 seconds, for instance). If so, you perform the transition (turn the damned light off, I'm not made of money).
All of these things are easily performed by the Arduino. No multi-tasking required.