Anchor text is that part of the visible text that is hyperlinked to the hidden URL's. By clicking on these anchor texts, the user will be taken to the appropriate pages.
Let us just take the example of the following text, "To know more about the rules and conditions of Buildexcellence, please visit the Terms and Conditions page."
In the above example the words " Terms and Conditions ", is hyperlinked to the hidden URL that will take the user to the Terms and Conditions page of Buildexcellence. In this example the words "Terms and Conditions" is an anchor text.
Another example that would show how it would appear in HTML coding:
<a href=" http://www.domain.com "> Anchor Text </a>
Or, a real life example - for the link is http://www.Buildexcellence.com and the anchor text is PAGERANK , thus the text links would be something like this,
<a href=" http://www.Buildexcellence.com ">PAGERANK</a> |