Will my ranks improve if the rank of linking sites improve?
 

I have heard that in case of seo when you link to quality sites your ranking gets improve.But suppose if i get links from and average rank page and rank of that page improves in future, will it also increase my page rank or will i have to create new links on it at that time.

i think you can create link with high page ranking sites, that will be potential.

Will my ranks improve if the rank of linking sites improve?
 

Yes, If you the site's ranking is improve than your ranking will also improve.

Yes, absolutely right. website rank increase because of linking site has rank and authority as well. those ranked pages links considered as higher potential for ranking.
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Improve Search Engine Ranking | gsa ser verified list

Off-course it's right if you increase the linking site with high domain authority then definitly your rank will improve.