I recently began trading links via a subdomain on a well established real estate site for a customers site that is under another domain name. In effect a three way trade. The subdomain is linked from every page in the customers site and has a PR3 on every link page. The sudomain also has about 5 unique content pages. One of the main reasons for this linking technique is so that I can store all the links in one DB and share them among all the sites and the link traders can get 10 links from one form submission. I don't have any issues with dups since some people only trade with one or a few of the sites due to content realtede issues and I display them differently on each site.

My question is...am I cheating my link partners in any way. How are the subdomain viewed in the eyes of the se's...same as the domain or as a seperate site?

There is no ill intention to my method but I would it hate to appear that way.

I also trade links for the subdomain itself to help the PR and rankings of those pages.

Any feedback would be appreciated.