When is a decision to include/preclude a cache

In relation to the exception list at what point is a decsion made to include or preclude a cache based on the votes that it has received.

As it states - anything over 35% will then consider that cache to be an exception and presumably that will then mean it is included (if it is upvoted) or not (if it has been downvoted) from the challenge cache list that appears in our challange cache tab (obviously it appearing on your own list will only be when you have logged the cache)

So how long after it has appeared on the exception list for voting is the decision to include /preclude made - is it a time thing or do all moderators have to vote ?

Many thanks
Tim