Radio
waves travel at the speed of light, which is a velocity of
roughly 186,000 miles per second. If the timing is off by just a
thousandth of a second that translates to 186 miles of error.
Satellites have onboard clocks called atomic clocks that uses the
oscillations of atoms as the clock's metronome and is the best way ever
to measure time. The receiver on earth does not have an atomic
clock (they are very expensive), but uses an
extra measurement from a fourth satellite to adjust for the timing
error. The receiver uses this fourth satellite measurement to
cross-check the other three, and find a correction factor that
intersects all the measurements at your point.