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In this paper, we analyze the effect of feedback delay and channel estimation errors on the performance of a decode-and-forward (DF) cooperative transmission scenario with relay selection. In our relay selection scheme, only one relay with the best relay-to-destination (R → D) channel quality is selected among the set of relays that decode the source information correctly. Specifically, the destination terminal first estimates the channel state information (CSI) of all active R → D links and then sends the index of the best relay to the relay terminals via a delayed feedback link. Due to the time varying nature of the fading channels, selection is performed based on the old version of the channel estimate. Closed-form expressions for the outage probability, average capacity and average symbol error rate (ASER) are derived. Through asymptotic diversity order analysis, we show that the presence of feedback delay reduces the asymptotic diversity order to one, while the effect of channel estimation errors reduces it to zero. Finally, simulation results are presented to corroborate the analytical results.