I am new to being a SEO. I need to know what is important about link development, and which kind of links are the most important. Also what should I look out for when adding a link?
Links are very very important. The best links are the ones that are in context, and are on high page rank pages. Look out for building them too fast when you start off. This can get you sandboxed if you are not carefull.
Here is an excellent guide for you: http://www.seomoz.org/article/beginners-guide-to-search-engine-optimization
In a nutshell. One way link from a high traffic PR page using the right anchor text and it is related to your niche.
Many of the "suggestions" are in fact hard to implement - of course everyone would like to say "get a 1-way link from a high PR site using good anchor text and from a major site in your domain or industry" Ummm... yea right... Not so easy if you are starting out. Another often more productive strategy initially is to also look for SELECTIVE link exchanges. Think about it, as you get going early you wont have a high PR or a high traffic - so the big boys wont just give you links. If they did they would not be worth anything. But by researching companies in your space, and contacting web masters - you can get some two way link exchanges to get you some traffic, some awareness, and get you started. Are two way exchanges 100% as good as 1-way from the New York Times?? no... but don't let people obsessed with 1-way nonsense fool you - they are living in 2006-2007. In 2008-2009 you need a comprehensive marketing approach - including building traffic, brand and awareness - not just "Old School SEO" 2 way link exchanges are a sound part of a comprehensive marketing strategy - and are the cornerstone of how many sites get off the ground. Also - consider automated systems - as long as they give YOU control over who you exchange links with. If you want more details please PM me.
Link building is very important to achive higher ranking. Try to get backlik from the higher pr sites with anchor text. This will increase Ranking in search engine.
Link building is great for pr and it also helps your serp rankings if you have anchor text in the back links