Although Global Network Holdings claims otherwise, when a search engine spider is presented different information than is displayed to visitors on a page it is called cloaking.
I suspect that is also taking place with their back links. That would account for not being able to locate their link on the majority of pages that show up as back links.
Additionally, in MSN
www.boiseidaho-realestate net shows 2,863 back links. The overwhelming majority of their BLs has absolutely nothing to do with real estate.
This is pretty much the same black hat techniques used by the webmaster that is #1 for “las vegas real estate”.
An easy fix for MSN to stop this spamming is to filter out non related links and not give the credit for unrelated links in the SERPS.
You should report them to MSN IMHO.
BTW – Before anyone decides to try this, it would appear that the SEO company has had their company website banned by both Google and Yahoo!. Their clients can expect the same treatment in time.
~VegasMack