A question about backlinks and html linking. Webmasters Needed.?

Can google read backlinks and give credit for backlinks for example.

ex. Saying "Click Here" but leading to a site like "www.vacation.com".

Does google give full page rank credit for a html code like that. Thanks.

yes

From https://www.google.com/adsense/policies :
"Competitive Ads and Services

We do not permit Google ads or search boxes accessing Google search services to be published on web pages that also contain what could be considered competing ads or services. If you have elected to receive contextually-targeted Google ads, this would include all other contextually-targeted ads or links on the same page as Google ads. This would also include ads throughout the site that mimic Google ads or otherwise appear to be associated with Google on your site. Although you may sell ads directly on your site, it is your responsibility to ensure these ads do not mimic Google ads. If you have elected to receive Google search services, this would include other search services on the same site and non-Google query-targeted ads. We do allow affiliate or limited-text links."

Site Content

Site may not include:

* Excessive profanity
* Violence, racial intolerance, or advocate against any individual, group, or organization
* Hacking/cracking content
* Illicit drugs and drug paraphernalia
* Pornography, adult, or mature content
* Gambling or casino-related content
* Excessive advertising
* Any other content that promotes illegal activity or infringes on the legal rights of others
* Pop-ups, pop-unders or exit windows that interfere with site navigation, obscure Google ads, change user preferences, or are for downloads. Other types of pop-ups, pop-unders, or exit windows may be allowed, provided that they do not exceed a combined total of 5 per user session
* Excessive, repetitive, or irrelevant keywords in the content or code of web pages
* Deceptive or manipulative content or construction to improve your site's search engine ranking, e.g., your site's PageRank
* Incentives (monetary or point-based) to users to click on links or ads while visiting a site containing Ads
* Sales or promotion of certain weapons, such as firearms, ammunition, balisongs, butterfly knives, and brass knuckles
* Sales or promotion of beer or hard alcohol
* Sales or promotion of tobacco or tobacco-related products
* Sales or promotion of prescription drugs
* Sales or promotion of products that are replicas or imitations of designer goods"