You will find a “Report paid links†button in Google webmaster tools. If you are found to be buying or selling links your site may be penalized, therefore the answer is yes. Thanks Brian
paid links owners are banned by google..........as google do have an option which says to submit "paid link websites",,,,,,,,,once you are submitted you are fired from google and then it will take a lot of time for you to come back in google and it might be the case that you may not return with the same domain ..........
Paid link that comes with dofollow attributes will be fired by google. You can still sell your links that are nofollow. Otherwise, how these top bloggers still have PR5-7 while selling links in their paid posts, paid links, footer, header, etc.