the delay of 1500 is a second and a half.
not sure how close to one second you want to be.
i
The timing is not a big issue for me. Do I need a transistor in the circuit at all? I have read that it is needed.
Also, the light on the relay board goes on an off every 1.5 seconds, But there is no click. Do I need an actual power source and light before I will hear the click or should it be working before I add the external device and supply(light and 110v)
Generally, you need to look at the specs of your relay and see either what the resistance is or the coil current. If it's >20mA or <250 ohms, then you need one.
However you have a "relay module" there and that has your transistor built in. If I recall correctly, they are opto-coupled and are expecting a "low" to turn them on. Either way your code should work once you get your power source connected. You will need to connect the relay board's GND to the Arduino's GND, don't forget. You also want to be careful on what you hang on the Arduino's 5V output if that's how you're powering your relays.
As rmetzner49 said! I can confirm that's how they work, or at least the one's I have, which are more or less the same looking as yours. Always think it a bit back to front to have to use a LOW to switch something ON! They are opto-coupled so safe and of course have a diode across the relay coil to protect the drive transistors.