<PAGE>

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933 OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR
         SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
         SECURITIES UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
         AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
         REGISTRATION IS NOT REQUIRED OR UNLESS THE COMPANY RECEIVES EVIDENCE
         SATISFACTORY TO THE COMPANY THAT SUCH SECURITIES WERE SOLD PURSUANT TO
         AND IN COMPLIANCE WITH RULE 144 OR RULE 144A.



                          HOMESEEKERS.COM, INCORPORATED


                              Common Stock Warrant
                             Expiring March 15, 2004


                                                                  March 15, 2001
         No.  121



         HOMESEEKERS.COM, INCORPORATED, a Nevada corporation (herein, together
with its successors and assigns, the "Company"), for value received, hereby
certifies that Bradley Rotter, Trustee of the Bradley N. Rotter Self Employment
Pension Plan and Trust (the "holder") or registered assigns, is entitled to
purchase from the Company, at any time or from time to time prior to 5:00 p.m.,
Eastern time, on March 15, 2004, 375,000 duly authorized, validly issued, fully
paid and nonassessable shares of Common Stock, par value $.001 per share, as
constituted on March 15, 2001 (the "Common Stock"), of the Company at a purchase
price of $ .1875 per share (the "Warrant Price"), all subject to the terms,
conditions and adjustments set forth below in this Warrant.

         1. EXERCISE OF WARRANT.

         1.1 MANNER OF EXERCISE. This Warrant may be exercised by the holder
hereof, in whole or in part, during normal business hours on any Business Day by
surrender of this Warrant to the Company at the office of the Company maintained
pursuant to Section 7.2(a), accompanied by a subscription in substantially the
form annexed hereto duly executed by such holder and (i) by payment in cash or
by certified or official bank check payable to the order of the Company or by
wire transfer in the amount obtained by multiplying (a) the number of shares of
Common Stock (without giving effect to any adjustment therein) designated in
such subscription by (b) the then applicable Warrant Price (as defined in
Section 2.1(e)), (ii) by instructing the Company to withhold and cancel a number
of shares of Common Stock then issuable upon exercise of this Warrant with
respect to which the excess of the fair market value of the shares of Common
Stock (as determined by the Board of Directors of the Company) over

<PAGE>

the Warrant Price for such canceled shares is at least equal to the Warrant
Price for the shares being purchased, or (iii) by any combination of the
foregoing, whereupon such holder shall be entitled to receive the number of
duly authorized, validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) determined as provided in Section 2.

         1.2 WHEN EXERCISE EFFECTIVE. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been surrendered to the Company as
provided in Section 1.1, and at such time the Person or Persons in whose name or
names any certificate or certificates for shares of Common Stock (or Other
Securities) shall be issuable upon such exercise as provided in Section 1.3
shall be deemed to have become the holder or holders of record thereof.

         1.3 DELIVERY OF STOCK CERTIFICATES, ETC. As soon as practicable after
the exercise of this Warrant, in whole or in part, and in any event within five
Business Days thereafter, the Company at its expense (including the payment by
it of any applicable issuance taxes) will cause to be issued in the name of and
delivered to the holder hereof or, subject to Section 6, as such holder (upon
payment by such holder of any applicable transfer taxes) may direct,

                  (a) a certificate or certificates for the number of duly
         authorized, validly issued, fully paid and nonassessable shares of
         Common Stock (or Other Securities) to which such holder shall be
         entitled upon such exercise plus, in lieu of any fractional share to
         which such holder would otherwise be entitled, cash in an amount equal
         to the same fraction of the Market Price per share on the Business Day
         next preceding the date of such exercise, and

                  (b) in case such exercise is in part only, a new Warrant or
         Warrants of like tenor, calling in the aggregate on the face or faces
         thereof for issuance of the number of shares of Common Stock equal
         (without giving effect to any adjustment therein) to the number of such
         shares called for on the face of this Warrant minus the number of such
         shares so designated by such holder upon such exercise as provided in
         Section 1.1.

         2. CERTAIN ADJUSTMENTS TO WARRANT.

         2.1 ADJUSTMENT FOR DIVIDENDS, DISTRIBUTIONS, SUBDIVISIONS, COMBINATIONS
OR CONSOLIDATION OF COMMON STOCK.

         2.1.1. STOCK DIVIDENDS, DISTRIBUTIONS OR SUBDIVISIONS. In the event the
Company shall issue additional shares of Common Stock in a stock dividend, stock
distribution or subdivision, the Warrant Price in effect immediately prior to
such stock dividend, stock distribution or subdivision shall, concurrently with
the effectiveness of such stock dividend, stock distribution or subdivision, be
proportionately decreased.

         2.1.2. COMBINATIONS OR CONSOLIDATIONS. In the event the outstanding
shares of Common Stock shall be combined or consolidated, by reclassification or
otherwise, into a lesser number of shares of Common Stock, the Warrant Price in
effect immediately prior to such combination or consolidation shall,
concurrently with the effectiveness of such combination or consolidation, be
proportionately increased.


                                       2
<PAGE>

         2.2 ADJUSTMENT FOR MERGER OR REORGANIZATION, ETC. Subject to the
provisions of Section 13, in case of any consolidation or merger of the Company
with or into another Company or the conveyance of all, or substantially all, of
the assets of the Company to another corporation, this Warrant shall thereafter
be exercisable to purchase the number of shares of stock or other securities or
property to which a holder of the number of shares of Common Stock of the
Company deliverable upon exercise of this Warrant would have been entitled upon
such consolidation, merger or conveyance; and, in any such case, appropriate
adjustment (as determined by the Board of Directors) shall be made in the
application of the provisions herein set forth with respect to the rights and
interest thereafter of the holder of this Warrant to the end that the provisions
set forth in Section 2.1 and this Section 2.2 (including provisions with respect
to changes in and other adjustments of the Warrant Price) shall thereafter be
applicable, as nearly as reasonably may be, in relation to any shares of stock
or other property thereafter deliverable upon the exercise of this Warrant.

         3. NO DILUTION OR IMPAIRMENT. The Company (a) will not permit the par
value of any shares of stock receivable upon the exercise of any Warrant to
exceed the amount payable therefor upon such exercise, (b) will take all such
action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of stock on the exercise
of the Warrants from time to time outstanding, and (c) will not take any action
that results in any adjustment of the Warrant Price if the total number of
shares of Common Stock (or Other Securities) issuable after such action, upon
the exercise of all of the Warrants, would exceed the total number of shares of
Common Stock (or Other Securities) then authorized by the Company's certificate
of incorporation and available for the purpose of issuance upon such exercise.

         4. REPORT AS TO ADJUSTMENTS. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable upon
the exercise or conversion of any Warrant, the Company at its expense will
promptly compute such adjustment or readjustment in accordance with the terms of
this Warrant and prepare a report setting forth such adjustment or readjustment
and showing in detail the method of calculation thereof and the facts upon which
such adjustment or readjustment is based, including a statement of the Warrant
Price in effect immediately prior to such issuance or sale and as adjusted and
readjusted (if required by Section 2) on account thereof. The Company will
forthwith (and in any event not later than 20 days following the occurrence of
the event requiring such adjustment) furnish a copy of each such report to each
holder of a Warrant, and will, upon the written request at any time of any
holder of a Warrant, furnish to such holder a like report setting forth the
Warrant Price at the time in effect and showing how it was calculated. The
Company also will keep copies of all such reports at its principal office and at
the office or agency required to be maintained by it pursuant to Section 7.2(a),
and will cause the same to be available for inspection at each such office
during normal business hours by any holder of a Warrant or any prospective
purchaser of a Warrant designated by the holder thereof.

         5. RESTRICTIONS ON TRANSFER.

         5.1 RESTRICTIVE LEGENDS. Except as otherwise permitted by this Section
5, each Warrant originally issued, each Warrant issued upon direct or indirect
transfer or in substitution for any Warrant pursuant to Section 7, each
certificate for Common Stock (or Other Securities) issued upon the exercise of
any Warrant, and each certificate issued upon the direct or indirect


                                       3
<PAGE>

transfer of any such Common Stock (or Other Securities), shall be stamped or
otherwise imprinted with a legend in substantially the following form:

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933 OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR
         SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
         SECURITIES UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
         AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
         REGISTRATION IS NOT REQUIRED OR UNLESS THE COMPANY RECEIVES EVIDENCE
         SATISFACTORY TO THE COMPANY THAT SUCH SECURITIES WERE SOLD PURSUANT TO
         AND IN COMPLIANCE WITH RULE 144 OR RULE 144A.

         5.2 NOTICE OF PROPOSED TRANSFER; OPINIONS OF COUNSEL. Prior to any
transfer of any Restricted Securities that are not registered under an effective
registration statement under the Securities Act (other than a transfer pursuant
to Rule 144, Rule 144A or any comparable rule under such Act), the holder
thereof will give written notice to the Company of such holder's intention to
effect such transfer and to comply in all other respects with this Section 5.2.
Each such notice shall (a) describe the manner and circumstances of the proposed
transfer in sufficient detail to enable counsel to render the opinion referred
to below, and (b) designate counsel for the holder giving such notice, which
counsel shall be reasonably satisfactory to the Company. The holder giving such
notice will submit a copy thereof to the counsel designated in such notice. The
following provisions shall then apply:

                           (1) if in the written opinion of such counsel for the
         holder, obtained at the holder's sole cost and expense and a copy of
         which shall be delivered to the Company and shall be reasonably
         satisfactory in form, scope and substance to the Company, the proposed
         transfer may be effected without registration of such Restricted
         Securities under the Securities Act or applicable state securities
         laws, such holder shall thereupon be entitled to transfer such
         Restricted Securities in accordance with the terms of the notice
         delivered by such holder to the Company. Each Restricted Security or
         certificate, if any, issued upon or in connection with such transfer
         shall bear the appropriate restrictive legend set forth in Section 5.1
         unless, in the opinion of such counsel, such legend is no longer
         required to insure compliance with the Securities Act and applicable
         state securities laws; and

                           (2) if the opinion of such counsel rendered pursuant
         to the foregoing subdivision (1) is not to the effect that the proposed
         transfer may legally be effected without registration of such
         Restricted Securities under the Securities Act or applicable state
         securities laws (such opinion to state the basis of the legal
         conclusions reached therein), such holder shall not be entitled to
         transfer such Restricted Securities (other than a transfer pursuant to
         Rule 144, Rule 144A or any comparable rule under the Securities Act)
         until receipt by the Company of a further notice and a further opinion
         of counsel for such holder to the effect stated in subdivision (1)
         above or until registration of such Restricted Securities under the
         Securities Act and applicable state securities laws has become
         effective.


                                       4
<PAGE>

         5.3 TERMINATION OF RESTRICTIONS. The restrictions imposed by this
Section 5 upon the transferability of Restricted Securities shall cease and
terminate as to any particular Restricted Securities when, in the opinion of
counsel for the Company, such restrictions are no longer required in order to
ensure compliance with the Securities Act. Whenever such restrictions shall
terminate as to any Restricted Securities, the holder thereof shall be entitled
to receive from the Company, without expense (other than transfer taxes, if
any), new securities of like tenor not bearing the applicable legend set forth
in Section 5.1.

         6. RESERVATION OF STOCK, ETC. The Company will at all times reserve and
keep available, solely for issuance and delivery upon the exercise of this
Warrant, the number of shares of Common Stock (or Other Securities) from time to
time issuable upon the exercise of all Warrants at the time outstanding. All
such securities shall be duly authorized and, when issued upon such exercise,
shall be validly issued and, in the case of shares, fully paid and nonassessable
with no liability on the part of the holders thereof.

         7. OWNERSHIP TRANSFER AND SUBSTITUTION OF WARRANTS.

         7.1 OWNERSHIP OF WARRANTS. The Company may treat the Person in whose
name any Warrant is registered on the register kept at the principal office of
the Company as the owner and holder thereof for all purposes, notwithstanding
any notice to the contrary, except that, if and when any Warrant is properly
assigned in blank, the Company may (but shall not be obligated to) treat the
bearer thereof as the owner of such Warrant for all purposes, notwithstanding
any notice to the contrary. Subject to Section 5, a Warrant, if properly
assigned, may be exercised by a new holder without first having a new Warrant
issued.

         7.2 OFFICE; TRANSFER AND EXCHANGE OF WARRANTS. (a) The Company will
maintain its principal office in Reno, Nevada or at such other location as it
designates in a written notice delivered to each registered holder of a Warrant
prior to any change of such location, and all notices, presentations and demands
in respect of this Warrant may be made upon it at such location. The Company may
designate from time to time by notice to the registered holder of this Warrant
an office or agency of the Company where such notices, presentations and demands
in respect of this Warrant may be made in lieu of the Company's principal
office.

                  (b) Upon the surrender of any Warrant, properly endorsed, for
         registration of transfer or for exchange at the principal office of the
         Company or the office of the Company maintained pursuant to Section
         7.2(a), the Company at its expense will (subject to compliance with
         Section 5, if applicable) execute and deliver to or upon the order of
         the holder thereof a new Warrant or Warrants of like tenor, in the name
         of such holder or as such holder (upon payment by such holder of any
         applicable transfer taxes) may direct, calling in the aggregate on the
         face or faces thereof for the number of shares of Common Stock called
         for on the face or faces of the Warrant or Warrants so surrendered.

         7.3 REPLACEMENT OF WARRANTS. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of any
Warrant (which may be a written statement as to such loss, theft, destruction or
mutilation) and (a) in the case of such loss, theft or destruction of any
Warrant, upon delivery of indemnity reasonably satisfactory to the Company in
form and amount, or (b) in the case of any such mutilation, upon surrender of
such Warrant for cancellation at the office of the Company maintained pursuant
to Section 7.2(a) or the principal


                                       5
<PAGE>

office of the Company, the Company at its expense will execute and deliver,
in lieu thereof, a new Warrant of like tenor.

         8. DEFINITIONS. As used herein, unless the context otherwise requires,
the following terms have the following respective meanings:

         "BUSINESS DAY" shall mean any day other than a Saturday, Sunday or any
other day on which U.S. Federal Reserve member banks are not open for business
in New York, New York.

         "COMMISSION" shall mean the Securities and Exchange Commission or any
other Federal agency at the time administering the Securities Act.

         "COMPANY" shall have the meaning specified in the opening paragraphs of
this Warrant, including any corporation that shall succeed to or assume the
obligations of the Company hereunder in compliance with Section 2.2.

         "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, or any
similar Federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

         "MARKET PRICE" shall mean, per share of Common Stock that the holders
of this Warrant shall be entitled to receive upon exercise thereof, on any date
specified herein, (a) the last sale price on such date of such Common Stock or,
if no such sale takes place on such date, the average of the closing bid and
asked prices thereof on such date, in each case as officially reported on the
principal national securities exchange on which such Common Stock is then listed
or admitted to trading, or (b) if such Common Stock is not then listed or
admitted to trading on any national securities exchange but is designated as a
national market system security by the National Association of Securities
Dealers, Inc., the last trading price of such Common Stock on such date, or (c)
if there shall have been no trading on such date or if such Common Stock is not
so designated, the average of the reported closing bid and asked prices of such
Common Stock on such date as shown by The Nasdaq Stock Market, Inc. and reported
by any member firm of the New York Stock Exchange selected by the Company, or
(d) if none of (a), (b) or (c) is applicable, a price per share thereof equal to
the fair value thereof determined in good faith by a resolution of the Board of
Directors of the Company as of a date that is within 15 days of the date as of
which the determination is to be made.

         "OTHER SECURITIES" shall mean any stock (other than Common Stock) and
other securities of the Company or any other Person (corporate or otherwise)
that the holder of this Warrant at any time shall be entitled to receive, or
shall have received, upon the exercise of this Warrant, in lieu of or in
addition to Common Stock, or that at any time shall be issuable or shall have
been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 2 or otherwise.

         "PERSON" shall mean a corporation, an association, a partnership, an
organization or business, an individual, a government or political subdivision
thereof or a governmental agency.

         "RESTRICTED SECURITIES" shall mean (a) any Warrant bearing the
applicable legend set forth in Section 5.1, (b) any shares of Common Stock (or
Other Securities) issued upon any exercise of this Warrant that are evidenced by
a certificate or certificates bearing the applicable legend set


                                       6
<PAGE>

forth in such Section and (c) any shares of Common Stock (or Other
Securities) issued subsequent to any exercise of this Warrant as a dividend
or other distribution with respect to, or resulting from a subdivision of the
outstanding shares of Common Stock (or Other Securities) into a greater
number of shares by reclassification, stock splits or otherwise, or in
exchange for or in replacement of the Common Stock (or Other Securities)
issued upon such exercise, which are evidenced by a certificate or
certificates bearing the applicable legend set forth in such section.

         "SECURITIES ACT" shall mean the Securities Act of 1933, or any similar
Federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time.

         "WARRANT" shall have the meaning specified in the opening paragraphs of
this Warrant.

         "WARRANT PRICE" shall have the meaning specified in the opening
paragraphs of this Warrant.

         9. REMEDIES. The Company stipulates that the remedies at law of the
holder of this Warrant in the event of any default or threatened default by the
Company in the performance of or compliance with any of the terms of this
Warrant are not and will not be adequate, and that, to the extent permitted by
applicable law, such terms may be specifically enforced by a decree for the
specific performance of any agreement contained herein or by an injunction
against a violation of any of the terms hereof or otherwise.

         10. NO RIGHTS OR LIABILITIES AS STOCKHOLDER. Nothing contained in this
Warrant shall be construed as conferring upon any holder hereof any rights as a
stockholder of the Company or as imposing any obligation on such holder to
purchase any securities or as imposing any liabilities on such holder as a
stockholder of the Company, whether such obligation or liabilities are asserted
by the Company or by creditors of the Company.

         11. NOTICES. All notices and other communications provided for herein
shall be delivered or mailed by first class mail, postage prepaid, addressed (a)
if to any holder of this Warrant, at the registered address of such holder as
set forth in the register kept by the Company, or (b) if to the Company, at its
principal office, 6490 South McCarran Boulevard, Suite 28, Reno, Nevada 89509,
or at the address of such other principal office of the Company as the Company
shall have furnished to each holder of this Warrant in writing, with a copy to
Jones, Day, Reavis & Pogue, 77 West Wacker Drive, Chicago, Illinois 60601, Attn:
Timothy J. Melton; PROVIDED, HOWEVER, that the exercise of any Warrant shall be
effective in the manner provided in Section 1.

         12. MISCELLANEOUS. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. Any provision of this Warrant that shall be prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, the Company
waives any provision of law that shall render


                                       7
<PAGE>

any provision hereof prohibited or unenforceable in any respect. This Warrant
shall be governed by the substantive laws of the State of Nevada without
reference to the choice of law rules thereof. The headings of this Warrant
are inserted for convenience only and shall not be deemed to constitute a
part hereof.

                            [signature page follows]


                                       8
<PAGE>

         13. EXPIRATION. Subject to the provisions in Section 1.1 hereof, the
right to exercise this Warrant shall expire at 5:00 p.m., Eastern time, on the
date set forth on the first page hereof.

                                        HOMESEEKERS.COM INCORPORATED



                                  By: /s/ Dennis P. Gauger
                                     ---------------------------------
                                           Name:  Dennis P. Gauger
                                                  ------------------------------
                                           Title: Chief Financial Officer
                                                  ------------------------------


                                       9
<PAGE>

                              FORM OF SUBSCRIPTION

     THE EXERCISE OF THIS WARRANT IS SUBJECT TO, AND SHALL ONLY BE EFFECTIVE
       UPON, SATISFACTION OF ANY APPLICABLE REGULATORY FILING REQUIREMENTS
     SUCH AS THE PREMERGER NOTIFICATION AND REPORT FORM FILING REQUIREMENTS
         OF THE HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 AND
                   REGULATIONS PROMULGATED PURSUANT THERETO.

                 [To be executed only upon exercise of Warrant]


To HOMESEEKERS.COM INCORPORATED

         The undersigned registered holder of the attached Warrant hereby
irrevocably exercises such Warrant for, and purchases thereunder,____(1) shares
of Common Stock of HOMESEEKERS.COM INCORPORATED, and herewith makes payment as
follows (check as applicable): / / certified or official bank check in the
amount of $_________; / / wire transfer in the amount of $_________; and/or / /
cancellation of _______ shares of Common Stock otherwise issuable under the
Warrant. The undersigned requests that the certificates for such shares be
issued in the name of, and delivered to ______________________________, whose
address is_____________________________________________________________________.


Dated:_________________________


                              _________________________________________________
                              (Signature must conform in all respects to name of
                              holder as specified on the face of Warrant)


                              __________________________________________________
                              (Street Address)


                              __________________________________________________
                              (City)              (State)          (Zip Code)



____________________

(1    Insert here the number of shares called for on the face of this Warrant
      (or in the case of a partial exercise, the portion thereof as to which
      this Warrant is being exercised), in either case without making any
      adjustment for additional Common Stock or any other stock or other
      securities or property or cash that, pursuant to the adjustment
      provisions of this Warrant, may be delivered upon exercise. In the case
      of a partial exercise, a new Warrant or Warrants will be issued and
      delivered, representing the unexercised portion of the Warrant, to the
      holder surrendering the Warrant.


                                       10