Find my iPhone. Is this possible?

Is it that possible that, while locating an iPhone, Find my iPhone would show the location far away from the current location, if the phone wasn't in that location at all?

I tried logging in to Find my iPhone and after the login finished, it showed the location further than 50 miles away and still says "locating". After located it showed the actual current location. Is it possible that the phone didn't get to that location but it showed the incorrect location while locating for the new one?

Does apple keep logging the locations the phone send to it by any app beside Find my iPhone to make the phone faster to be located?