The focus of this contribution is twofold. The first part aims at the rigorous and complete analysis of pole loci of a simple delayed model, the characteristic function of which is represented by a quasi-polynomial with a non-delay and a delay parameter. The derived spectrum constitutes an infinite set, making it a suitable and simple-enough representative of even high-order process dynamics. The second part intends to apply the simple infinite-dimensional model for relay-based parameter identification of a more complex model of a heating-cooling process with heat exchangers. Processes of this type and construction are widely used in industry. The identification procedure has two substantial steps. The first one adopts the simple model with a low computational effort using the saturated relay that provides a more accurate estimation than the standard on/off test. Then, this result is transformed to the estimation of the initial characteristic equation parameters of the complex infinite-dimensional heat-exchanger model using the exact dominant-pole-loci assignment. The benefit of this technique is that multiple model parameters can be estimated under a single relay test. The second step attempts to estimate the remaining model parameters by various numerical optimization techniques and also to enhance all model parameters via the Autotune Variation Plus relay experiment for comparison. Although the obtained unordinary time and frequency domain responses may yield satisfactory results for control tasks, the identified model parameters may not reflect the actual values of process physical quantities.