Sorry in advance for a brief answer: I am writing it fast and from the top of my head.
In general "no" and "no".
First answer is always "no". Have you heard of hysteresis? Look it up. The magnetization time depends on the type of ferromagnet (diamagnet) and on the strength of magnetic field (also temperature etc., but that is secondary). Second question is always definite "no" quantum mechanically. Magnetization is alignment of spin domains with respect to external magnetic field... Spins... Does spin vector have a definite alignment direction? Classically, there are cases when at max magnetization you can assume complete alignment.
However, if your interest is limited by some general physics course, you might be dealing with models, where approximation of instantaneous magnetization can be applicable and where domain walls-related effects are neglected. Then your answers are "yes" and "yes".
For the future: please, specify theoretical framework you are working in or at least cite sources that you are using. Otherwise the answers will always be broad and fairly useless...