(1) In an initramfs, usually, kernel and initial file system exist in the same file. so if the bootloader has to know where the kernel file is, it also knows where the initramfs is. And vice-versa. If the initramfs is a separate file, then it must be referenced by the bootloader and passed on to the kernel as a parameter;
The bootloader passes control to the kernel, which at the end of initialising all it needs to prepare, extracts initramfs and passes control to init (within the initramfs).
(2) initramfs is extracted after the kernel prepares the virtual memory subsystem fully;
(3) normally after initramfs does its job (which is to mount the system's root file system), a set of delicate steps are taken to "move" to the newly mounted root file system and the contents of initramfs are deleted from RAM (explicitly by running 'rm');
I suggest reading this:
https://www.kernel.org/doc/Documentation/filesystems/ramfs-rootfs-initramfs.txt