As many of you already know google gave many Real Estate Websites a 50 position penalty for excessive reciprical linking with other real estate websites. Why would google do this? Matt Cutts who is googles chief anti spam engineer basically says that exchanging links for the purpose of manipulating the search engine results is against googles rules and you will be punished.
What can you do to aviod bing penalized? Well the first thing you can do is delete your recip links, DONT BE AN JERK and not notify your old partners. You can also look at other ways of gaining valuable backlinks to your site such as posting articles on article distribution networks such as ezine and isnare. You can also write blog posts like this, or add a link in your signature in forums you frequent. Another idea is you can submit your site to high quality directories like best of the web.
Anyways these are just a couple things you should keep in mind as a web savy realtor. I personally add a link to my site in every blog I post. This may not do a ton but every little bit helps. St George Real Estate