This is the 1142nd most frequent Russian word.
нет
No.
In this sentence, 'нет' is used to indicate the absence of something, specifically time.
Нет времени ждать.
There is no time to wait.
Here, 'нет' is used as a negation or a 'no' response to a question.
— Вы согласны с этим? — Нет.
— Do you agree with this? — No.
In this case, 'нет' is utilized to express that something, the dog, is not present in a specific location.