Hi timthetryhard & 1473,
If you take your Official GMAT in a Test Center, then you will receive our UNOFFICIAL Score results will be available immediately (with the At-home GMAT, you won't see your results for at least a few days - and possibly up to a week or longer). Official Results often take 7-14 days to 'certify', including the AWA score (if you take your GMAT at a Test Center). When you select a School to receive access to your Official Score, you are essentially granting that School's Admissions Office online access to your Report (so the School is not physically 'receiving' anything).
Business Schools often have to review hundreds or even thousands of applications (and the process takes weeks or even months), so as long as your overall application is in on time, then you likely have nothing to worry about if your Official Report is not immediately available until after the application deadline passes. If a Business School thinks that you are a strong Applicant, then the School will eventually contact Pearson to verify your Official Score (but again, that might not be until weeks or months later).
The Admissions Offices at most Schools are often happy to answer any questions that you might have about applying, so if you'd like to know more about how an individual School/Program handles this part of the application process, then you should contact the School directly and ask.
GMAT assassins aren't born, they're made,
Rich