Helen Schweitz gave this answer to the question “how do you know what text is a link”:

Links will, more often than not, appear a different color (this can be specified in the HTML or Cascading Style Sheets). Also, when the cursor moves over a link it will let you know that that it is a hyperlink by changing the image of the cursor (typically to a hand). This is convenient when images are links (if the border has been = 0) so when you move the mouse over the normal-looking image the cursor will change. ALSO, the destination of the hyperlink will appear in the status bar, unless this function has been disabled in the code of the page (html) using javascript or other coding.