I am new to apple keyboard. Is there an option for delete key and arrow keys in ipad?

There is back delete key, but no arrow keys - if you want to re-position the insertion when entering/editing text, press and hold the screen and a magnifying glass symbol should appear, and you should then be able to re-position the insertion point.

There is a delete key on the iPad keyboard. There are no arrow keys as there is no cursor for them to move.

The delete key is AKA backspace key. There is no forward delete.

Nope, you cannot have any of these unless you use a specific app (say, Arrow Note at http://itunes.apple.com/app/arrow-note-text-editor-up/id474740405?mt=8 ) which does have such a keyboard. There's a lengthy discussion of this problem at https://discussions.apple.com/thread/2724685?start=0&tstart=0

Hmmm! Not a problem for me.