Document:

<Page>
                                                                   Exhibit 10.02

PERSONAL AND CONFIDENTIAL                   December 28, 1999

Mr. Gary L. Trujillo
Chairman and Chief Executive Officer
quepasa.com, inc.
One Arizona Center
400 East Van Buren Avenue
Suite 400
Phoenix, AZ  85004

Dear Gary:

         This agreement ("Agreement") sets forth the terms of the engagement by
quepasa.com, inc. (the "Company") of Friedman, Billings, Ramsey & Co., Inc.
("FBR" or the "Advisor"), pursuant to which FBR shall serve as the financial
advisor to the Company in connection with an analysis of the Company's strategic
opportunities, including:

         (a) The private sale of a minority equity interest in the Company to
Hispanic Broadcasting Corporation (the "HBC Equity Transaction");

         (b) The private sale of a minority or majority equity interest in the
Company to any party other than Hispanic Broadcasting Corporation (an "Equity
Transaction");

         (c) To the extent requested by the Company in writing, the potential
purchase of all or substantially all of the assets and/or liabilities or capital
stock of any company, partnership, business, joint venture or any other
enterprise, whether structured as a purchase and assumption transaction, merger,
reverse merger, stock transfer or otherwise (a "Purchase Transaction").

         It is acknowledged that the Company is under no obligation to enter
into any of the above-mentioned transactions (collectively referred to herein as
"Transactions").

         1.  SCOPE OF SERVICES

         In connection with the analysis and pursuit of any of the above
mentioned transactions, FBR will, as the Company's exclusive financial advisor
and investment banker, undertake one or more of the following activities, as
requested from time to time by management of the Company (hereinafter referred
to as the "Advisory Services"):

         1(a) Evaluation of the Company, its current and historical financial
condition, franchise value, operations and projected results;

         1(b) Peer group performance comparisons and comparable company
analysis;

<Page>

         1(c) Identify and/or profile potential investor or purchaser candidates
for the Company (each a "Purchaser Entity"); upon the request of the Company,
advise on the transaction capacity, appropriate transaction structure and
pricing parameters for each Purchaser Entity;

         1(d) Participation in: (i) discussions between the Company and a
Purchaser Entity; (ii) "due diligence" investigations of such Purchaser Entity;
and (iii) negotiation of a letter of intent, memorandum of understanding and/or
definitive agreement with a Purchaser Entity;

         1(e) If appropriate, conduct board of director presentations regarding
potential Purchaser Entities and Transactions; provide a fairness opinion, if
required, to the Company at the time of execution of an agreement for a
Transaction, an update thereof at the time proxy materials are mailed to the
Company's shareholders with respect to approval of such agreement and at the
closing of the Transaction, or as otherwise required by the definitive agreement
with the Purchaser Entity (a "Fairness Opinion"); and

         1(f) Such other financial advisory and investment banking services as
are customary in engagements of the type contemplated hereby and as may be
reasonably agreed upon by the Company and FBR.

         The Company acknowledges that all advice (written or oral) given by FBR
to the Company is intended solely for the benefit and use of the Company
(including its management, directors, attorneys, accountants, and advisors).
Other than to the extent reflected in Board of Director meeting minutes, or as
may be required by law or regulation (including, without limitation, the proxy
rules under the federal securities laws), no advice (written or oral) of FBR
hereunder shall be used, reproduced, disseminated, quoted or referred to at any
time, in any manner, or for any purpose, nor shall any public references to FBR
be made by the Company (or its management, directors or attorneys), without the
prior consent by FBR.

         It is understood that: (i) any Fairness Opinion which may be rendered
by the Advisor concerning a Transaction shall be used by the Board of Directors
solely in connection with their consideration of that Transaction; and (ii) the
Company will not furnish any Fairness Opinion or other material prepared by the
Advisor to any other person or persons or use or refer to any Fairness Opinion
for any other purposes without the prior written approval of the Advisor. The
Advisor acknowledges that any such Fairness Opinion may be referred to and
reproduced in its entirety in proxy materials sent to the Company's stockholders
in connection with the solicitation of approval for a Transaction.

         The Advisor and its affiliates are engaged in securities trading,
brokerage activities and private equity investments, as well as providing
investment banking and financial advisory

<Page>

services. In the ordinary course of such activities, they may at any time hold
long or short positions, and may trade or otherwise effect transactions, for
their account or the accounts of customers, in debt or equity securities of the
Company and potential Purchaser Entities. Subject to the provisions of Section 2
hereof, nothing in the Agreement shall be construed to prohibit or limit the
ability of FBR or its affiliates from pursuing, investigating, analyzing or
engaging in investment banking, financial advisory and other business
relationships with entities other than the Company, notwithstanding that such
entities may have customers, or potential customers, similar or identical to the
Company's, or may have been or may be identified as potential merger or
acquisition targets or potential candidates for some other business combination,
cooperation or relationship. The Company expressly acknowledges and agrees that
it does not claim any proprietary interest in the identity of any other entity
in its industry or otherwise, and that the identity of any such entity is not
confidential information.

         2.  INFORMATION TO BE SUPPLIED; CONFIDENTIALITY

         2(a) In connection with FBR's activities on behalf of the Company, the
Company will furnish FBR with all financial and other information regarding the
Company that FBR reasonably believes appropriate to its assignment (all such
information so furnished by the Company, whether furnished before or after the
date of this Agreement, being referred to herein as the "Information"). The
Company will provide FBR with access to the officers, directors, employees,
independent accountants, legal counsel and other advisors and consultants for
the Company. The Company recognizes and agrees that FBR (i) will use and rely
primarily on the Information and information available from generally recognized
public sources in performing the services contemplated by this Agreement without
independently verifying the Information or such other information, (ii) does not
assume responsibility for the accuracy of the Information or such other
information, and (iii) will not make an appraisal of any assets or liabilities
owned or controlled by the Company or its market competitors.

         2(b) FBR and its representatives will maintain the confidentiality of
the Information and, unless and until such information shall have been made
publicly available by the Company or by others without breach of a
confidentiality agreement, shall use or disclose the Information only as
authorized by the Company or as required by law or by order of a governmental
authority or court of competent jurisdiction. In the event that FBR is legally
required to make disclosure of any of the Information, FBR will give notice to
the Company prior to such disclosure, to the extent that FBR can practically do
so.

The foregoing paragraph shall not apply to information that:

<Page>

         (i)   is or becomes (prior to the use or disclosure by FBR) generally
               available to the public or within the industries in which the
               Company or FBR or its affiliates conduct business, other than as
               a direct result of a breach by FBR of its obligations under this
               Agreement;

         (ii)  is already in the possession of, or conceived by, FBR or any of
               its affiliates prior to being furnished to FBR by the Company,
               provided that the source of such information was not prohibited
               from disclosing the information in violation of any contractual,
               legal or fiduciary obligation;

         (iii) is obtained by FBR or any of its affiliates from a third party
               who FBR reasonably believes to be in possession of the
               information not in violation of any contractual, legal or
               fiduciary obligation to the Company with respect to that
               information; or

         (iv)  is independently developed by FBR or its affiliates.

         2(c) Nothing in this Agreement shall be construed to limit the ability
of FBR or its affiliates to pursue, investigate, analyze, invest in, or engage
in investment banking, financial advisory or any other business relationships
with, entities other than the Company. The Company expressly acknowledges and
agrees that it does not claim any proprietary interest in the identity of any
other entity in its industry or otherwise, and that the identity of any such
entity is not confidential information.

         2(d) The Company will advise FBR promptly and in any event prior to the
delivery of a Fairness Opinion, of the occurrence of any event or any other
change known to the Company that results in a material change to the information
previously supplied to FBR.

         3.    COMPENSATION

         In connection with providing the Company with the Advisory Services set
forth above, FBR will be compensated by the Company as follows (see examples in
Appendix II):

         3(a) Upon the execution of this Agreement, the Company will remit to
FBR a nonrefundable retainer of $100,000. This retainer will be applied to any
success fee as defined below.

         3(b) In the event the HBC Equity Transaction is agreed to and
subsequently consummated, a success fee (the "Success Fee") equal to $150,000
plus one percent (1%) of the aggregate purchase price of the securities sold and
the fair market value of any additional non-cash consideration received by the
Company in excess of $5 million.

<Page>

         3(c) In the event an Equity Transaction is agreed to and subsequently
consummated, a Success Fee equal to three percent (3%) of the aggregate purchase
price of the securities sold and the fair market value of any additional
non-cash consideration received by the Company.

         3(d) In the event a Purchase Transaction is agreed to and subsequently
consummated, a Success Fee equal to the sum of two percent (2%) of the first $30
million, one percent (1%) of any amount over $30 million and up to $500 million,
and one-half percent (1/2 %) of the any amount over $500 million of the fair
market value (as defined below) of the aggregate consideration paid by the
Company as of the closing of the Purchase Transaction. The Success Fee shall be
due and payable to FBR in immediately available funds at the closing of such
Purchase Transaction. For purposes of calculating the value of the aggregate
consideration, any outstanding stock options, warrants or other rights to
purchase stock shall be valued at the amount by which the per share value of the
consideration to be received for stock exceeds the per share exercise price of
any outstanding option, warrant or other right to purchase the stock.

         For the purposes of Paragraph 3(d) above, "fair market value" of
non-cash consideration shall have the following meaning: (i) in the case of the
sale, exchange or purchase of the company's equity securities, the total
consideration paid for such securities (including amounts paid to holders of
options, warrants and convertible securities as consideration for such
securities), but excluding all indebtedness for borrowed money; and (ii) in the
case of a sale or disposition by the company of assets, the total consideration
paid for such assets, excluding the principal amount of all indebtedness for
borrowed money, whether or not assumed by the purchaser.

         3(e) In addition to the Fee payable to FBR under this Agreement, the
Company agrees to reimburse FBR upon request for its reasonable out-of-pocket
expenses, including cost of legal counsel, incurred in connection with its
services under this Agreement whether or not a Transaction is consummated. Such
expenses will not exceed $100,000 without the written permission of the Company.

         4.  INDEMNIFICATION, CONTRIBUTION, AND LIMITATION OF LIABILITY

         The Company agrees to indemnify FBR and its controlling persons,
representatives and agents in accordance with the indemnification provisions set
forth in Appendix I, and agrees to the other provisions of Appendix I, which is
incorporated herein by this reference, regardless of whether the proposed
Transaction is consummated.

         5.   TERM OF ENGAGEMENT PERIOD; SURVIVAL OF PROVISIONS

         This Agreement and the retention of FBR hereunder shall remain in full
force and effect for six months from the date hereof and may be terminated by
the Company or FBR at any time, with or without cause, upon 30 days written
notice to that effect to the other party, without further obligation to each
other, except it is agreed that the provisions relating to indemnification,

<Page>

limitation of liabilities, contribution, settlement, the provisions relating to
the payment of fees and expenses, confidentiality, the status of FBR as in
independent contractor, the limitation on to whom FBR shall owe any duties and
the waiver of the right to trial by jury in this Agreement will survive any such
termination. If terminated, any agreement or other written arrangement entered
into by the Company with a Purchaser Entity (that was contacted by FBR with the
express authorization of the Company) regarding the Transactions within a 12
month period following the termination of this Agreement shall be deemed to give
rise to the Success Fees set forth in Section 3, payable in full by the Company
to FBR, upon the completion of such transaction; provided, however, that FBR
shall be required to provide the Fairness Opinion described in Paragraph 1(e)
hereof. In the event that the Company's Board of Directors determines to sell
the Company during the Engagement Period, then the Company agrees to engage FBR
as it's exclusive financial advisor therefore and agrees to pay FBR a Success
Fee equal to one percent (1%) of the fair market value of such transaction up to
$500 million and one-half percent (1/2 %) of the fair market value of such
transaction in excess of $500 million.

         6.  INDEPENDENT CONTRACTOR; NO FIDUCIARY DUTY

         The Company acknowledges and agrees that it is a sophisticated business
enterprise and that FBR has been retained pursuant to this Agreement to act as
financial advisor to the Company solely with respect to the matters set forth
herein. In such capacity, FBR shall act as an independent contractor, and any
duties of FBR arising out of its engagement pursuant to this Agreement shall be
contractual in nature and shall be owed solely to the Company. Each party
disclaims any intention to impose any fiduciary duty on the other.

         7.  BENEFICIARIES

         This Agreement shall inure to the sole and exclusive benefit of FBR and
the Company and the persons referred to in Appendix I and their respective
successors and representatives. The obligations and liabilities under this
Agreement shall be binding upon FBR and the Company.

         8.  GOVERNING LAW

         This Agreement shall be governed by and construed in accordance with
the laws of the State of California applicable to contracts executed and to be
wholly performed therein without giving effect to its conflicts of laws
principles or rules. Any dispute hereunder shall be brought in a court in the
State of California.

         9.  AMENDMENTS

<Page>

         This Agreement may be modified or amended, or its provisions waived,
only by a writing signed by the person or persons against whom enforcement of
the modification, amendment or waiver is sought.

         10. ANNOUNCEMENTS OF THE TRANSACTION

         If a Transaction is consummated, the Company acknowledges and agrees
that FBR may, at its option and expense, place an announcement in such
newspapers and periodicals as it may choose stating that FBR has acted as
financial advisor to the Company in connection with the Transaction. Other than
announcements consistent with the preceding sentence neither parties shall make
any public announcement relating to the content of this agreement or any
proposed sale or transaction in the absence of mutual written agreements by the
parties regarding the content and timing of such announcement.

         11. NO COMMITMENT

         This Agreement does not and will not constitute any agreement,
commitment or undertaking, express or implied on the part of FBR or any
affiliate to purchase or to sell any securities or to provide any financing and
does not ensure the successful arrangement or completion of the Transaction.

         12. ENTIRE AGREEMENT

         This Agreement constitutes the entire Agreement between the parties and
supersedes and cancels any and all prior or contemporaneous arrangements,
understandings and agreements, written or oral, between them relating to the
subject matter hereof.

         13.  SEVERABILITY

         If any portion of this Agreement shall be held or made unenforceable or
invalid by a statute, rule, regulation, decision of a tribunal or otherwise, the
remainder of this Agreement shall not be affected thereby and shall remain in
full force and effect, and, to the fullest extent, the provisions of the
Agreement shall be severable.

         14. HEADINGS

         The descriptive headings of the paragraphs subparagraph and Appendix I
of this Agreement are inserted for convenience only, do not constitute a part of
this Agreement and shall not affect in any way the meaning or interpretations of
this Agreement.

         15. FAILURE OR DELAY NO WAIVER

<Page>

         It is understood and agreed that failure or delay by either the Company
or FBR in exercising any right, power or privilege hereunder shall not operate
as a waiver thereof, nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power,
or privilege hereunder.

         16. WAIVER OF TRIAL BY JURY

         EACH OF FBR AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) RELATED TO OR ARISING OUT OF THIS AGREEMENT.

If the foregoing terms correctly set forth our agreement, please sign and return
to us a duplicate copy of this Agreement. We look forward to working with you
toward the successful conclusion of this engagement and developing a long term
relationship with the Company.

Very truly yours,

FRIEDMAN, BILLINGS, RAMSEY & CO., INC.

By:
   ----------------------------------------------------------
         James C. Neuhauser, CFA
         Managing Director

Confirmed and accepted as of
this__________________ day of ___________________, 1999

quepasa.com, inc.

By:
   ----------------------------------------------------------
         Gary L. Trujillo
         Chairman and Chief Executive Officer

<Page>

                                   APPENDIX I

         The Company agrees to indemnify and hold harmless FBR and its
affiliates (as defined in Rule 405 under the Securities Act of 1933, as amended)
and their respective directors, officers, employees, agents and controlling
persons (FBR and each such person being an "Indemnified Party") from and against
all losses, claims, damages and liabilities (or actions, including shareholder
actions, in respect thereof), joint or several, to which such Indemnified Party
may become subject under any applicable federal or state law, or otherwise,
which are related to or result from the performance by FBR of the services
contemplated by or the engagement of FBR pursuant to, this Agreement and will
promptly reimburse any Indemnified Party for all reasonable expenses (including
reasonable counsel fees and expenses) as they are incurred in connection with
the investigation of, preparation for or defense arising from any threatened or
pending claim, whether or not such Indemnified Party is a party and whether or
not such claim, action or proceeding is initiated or brought by the Company. The
Company will not be liable to any Indemnified Party under the foregoing
indemnification and reimbursement provisions, (i) for any settlement by an
Indemnified Party effected without its prior written consent (not to be
unreasonably withheld); or (ii) to the extent that any loss, claim, damage or
liability is found in a final, non-appealable judgment by a court of competent
jurisdiction to have resulted primarily from an Indemnified Parties willful
misconduct or gross negligence. The Company also agrees that no Indemnified
Party shall have any liability (whether direct or indirect, in contract or tort
or otherwise) to the Company or its security holders or creditors related to or
arising out of the engagement of FBR pursuant to, or the performance by FBR of
the services contemplated by, this Agreement except to the extent that any loss,
claim, damage or liability is found in a final, non-appealable judgment by a
court of competent jurisdiction to have resulted primarily from FBR's bad faith,
willful misconduct or gross negligence.

         Promptly after receipt by an Indemnified Party of notice of any
intention or threat to commence an action, suit or proceeding or notice of the
commencement of any action, suit or proceeding, such Indemnified Party will, if
a claim in respect thereof is to be made against the Company pursuant hereto,
promptly notify the Company in writing of the same. In case any such action is
brought against any Indemnified Party and such Indemnified Party notifies the
Company of the commencement thereof, the Company may elect to assume the defense
thereof, with counsel reasonably satisfactory to such Indemnified Party, and an
Indemnified Party may employ counsel to participate in the defense of any such
action provided, that the employment of such counsel shall be at the Indemnified
Party's own expense, unless (i) the employment of such counsel has been
authorized in writing by the Company, (ii) the Indemnified Party has reasonably
concluded (based upon advice of counsel to the Indemnified Party) that there may
be legal defenses available to it or other Indemnified Parties that are
different from or in addition to those available to the Company, or that a
conflict or potential conflict exists (based upon advice of counsel to the
Indemnified Party) between the Indemnified Party and the Company that makes it
impossible or inadvisable for counsel to the Indemnifying Party to conduct the
defense of both

<Page>

the Company and the Indemnified Party (in which case the Company will not have
the right to direct the defense of such action on behalf of the Indemnified
Party), or (iii) the Company has not in fact employed counsel reasonably
satisfactory to the Indemnified Party to assume the defense of such action
within a reasonable time after receiving notice of the action, suit or
proceeding, in each of which cases the reasonable fees, disbursements and other
charges of such counsel will be at the expense of the Company; provided,
further, that in no event shall the Company be required to pay fees and expenses
for more than one firm of attorneys representing Indemnified Parties unless the
defense of one Indemnified Party is unique or separate from that of another
Indemnified Party subject to the same claim or action. Any failure or delay by
an Indemnified Party to give the notice referred to in this paragraph shall not
affect such Indemnified Party's right to be indemnified hereunder, except to the
extent that such failure or delay causes actual harm to the Company, or
prejudices its ability to defend such action, suit or proceeding on behalf of
such Indemnified Party.

         If the indemnification provided for in this Agreement is for any reason
held unenforceable by an Indemnified Party, the Company agrees to contribute to
the losses, claims, damages and liabilities for which such indemnification is
held unenforceable (i) in such proportion as is appropriate to reflect the
relative benefits to the Company, on the one hand, and FBR on the other hand, of
the Transaction (or other Transaction) as contemplated whether or not the
Transaction (or Other Transaction) is consummated or, (ii) if (but only if) the
allocation provided for in clause (i) is for any reason unenforceable, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) but also the relative fault of the Company, on the one hand and
FBR, on the other hand, as well as any other relevant equitable considerations.
The Company agrees that for the purposes of this paragraph the relative benefits
to the Company and FBR of the Transaction (or other Transactions) as
contemplated shall be deemed to be in the same proportion that the total value
received or contemplated to be received by the Company or its shareholders, as
the case may be, as a result of or in connection with the Transaction (or other
Transactions) bear to the fees paid or to be paid to FBR under this Agreement.
Notwithstanding the foregoing, the Company expressly agrees that FBR shall not
be required to contribute any amount in excess of the amount by which fees paid
FBR hereunder (excluding reimbursable expenses), exceeds the amount of any
damages which FBR has otherwise been required to pay.

         The Company agrees that without FBR's prior written consent, which
shall not be unreasonably withheld, it will not settle, compromise or consent to
the entry of any judgment in any pending or threatened claim, action or
proceeding in respect of which indemnification could be sought under the
indemnification provisions of this Agreement (in which FBR or any other
Indemnified Party is an actual or potential party to such claim, action or
proceeding), unless such settlement, compromise or consent includes an
unconditional release of each Indemnified Party from all liability arising out
of such claim, action or proceeding.

         In the event that an Indemnified Party is requested or required to
appear as a witness in any action brought by or on behalf of or against the
Company in which such Indemnified Party is not named as a defendant, the Company
agrees to promptly reimburse FBR on a monthly basis

<Page>

for all reasonable expenses incurred by it in connection with such Indemnified
Party's appearing and preparing to appear as such a witness, including, without
limitation, the reasonable fees and disbursements of its legal counsel.

         If multiple claims are brought with respect to at least one of which
indemnification is permitted under applicable law and provided for under this
Agreement, the Company agrees that any judgment or arbitrate award shall be
conclusively deemed to be based on claims as to which indemnification is
permitted and provided for, except to the extent the judgment or arbitrate award
expressly states that it, or any portion thereof, is based solely on a claim as
to which indemnification is not available.

Confirmed and Agreed to:

quepasa.com, inc.

By:
   ----------------------------------------------------------
         Gary L. Trujillo
         Chairman and Chief Executive Officer

-------------------------------------------------------------
Date

<Page>

                                   APPENDIX II

                            SUCCESS FEE CALCULATIONS

a) HBC Equity Transaction.
   $40 Million Investment: Base fee of $150,000 plus 1% of ($40 Million minus
   $5 Million) $150,000 + $350,000= $500,000

b) Equity Transaction
   $40 Million Investment: 3% of $40 Million .03 x $40,000,000 = $1,200,000

c) Purchase Transaction
   $40 Million Purchase of another Entity: 2% of first $30 Million and 1% of
   next $ 470 Million

     $600,000 + $100,000 = $ 700,000

<Page>

March 22, 2001

Mr. Gary L. Trujillo
Chairman and Chief Executive Officer
quepasa.com, inc.
One Arizona Center
400 East Van Buren Avenue
Suite 400
Phoenix, AZ  85004

Dear Gary:

This letter agreement shall serve as an amendment (the "Amendment") to the
letter agreement dated December 30, 1999 (the "Engagement Agreement"), between
quepasa.com, inc. (the "Company") and Friedman, Billings, Ramsey & Co., Inc.
("FBR").

The Engagement Letter is hereby amended as follows:

          1.   The following paragraph is inserted as the fifth paragraph of the
Engagement Agreement:

               (d) To assist the Company with the liquidation of certain assets
of the Company in one or more transactions and the distribution of the Company's
assets to its shareholders (a "Liquidation").

          2.   Paragraph 1(e) of the Engagement Agreement is replaced with the
following paragraph:

               1(e) If appropriate, conduct board of director presentations
regarding potential Purchaser Entities and Transactions; provide a fairness
opinion, if required by the Transaction, at the time of execution of an
agreement for a Transaction, at the time proxy materials are mailed to the
Company's shareholders with respect to approval of any Transaction, at the
closing or completion of a Transaction or as otherwise required by a definitive
agreement with respect to a Transaction (a "Fairness Opinion"); and

          3.   The second paragraph of Section 3 ("Compensation") of the
Engagement Agreement is replaced with the following paragraph:

               3(a). Upon the execution of this Agreement, the Company will
remit to FBR a nonrefundable retainer of $100,000. Upon the execution of the
Amendment, the Company will remit to FBR an additional nonrefundable retainer of
$100,000.

          4.   The following new Section 3(e) is inserted immediately after
Section 3(d) of the Engagement Letter:

               3(e) In the event a Liquidation is completed and the aggregate
amount of retainers and fees that FBR has or is entitled to receive is less than
$250,000 pursuant to Sections 3(a) through 3(d), at or prior to the completion
of the Liquidation the Company will remit to FBR

<Page>

an additional amount so that FBR shall have received an aggregate of $250,000
(not including expense reimbursements payable pursuant to Section 3(f)).

          5.   Section 3(e) of the Engagement Agreement is redesignated as
Section 3(f), and the dollar amount in the last sentence thereof shall be
amended from $100,000 to $150,000.

          6.   The first sentence of Section 5 ("Term of Engagement Period;
Survival of Provisions") is amended to change the word "twelve" in the second
line to "eighteen."

All capitalized terms set forth in this Amendment not otherwise defined herein
shall have the definition set forth in the Engagement Agreement. All other terms
of the Engagement Agreement, including those set forth in Paragraph 3(d), shall
remain in full force and effect.

Very truly yours,

FRIEDMAN, BILLINGS, RAMSEY & CO., INC.

By:
    -----------------------------------------------
     J. Rock Tonkel
     Managing Director and Executive Vice President

By:
    -----------------------------------------------

     William L. Boyan III
     Managing Director

                                       Confirmed and accepted as of
                                       This 15th day of March, 2001

                                       QUEPASA.COM, INC.

                                       By: --------------------------
                                            Gary L. Trujillo
                                            Chairman and Chief Executive Officer

<Page>

September 5, 2001

Mr. Gary L. Trujillo
Chairman and Chief Executive Officer
quepasa.com, inc.
One Arizona Center
400 East Van Buren Avenue
Suite 400
Phoenix, AZ  85004

Dear Gary:

As discussed, this letter agreement shall serve as a second amendment (the
"Amendment") to the letter agreement dated December 30, 1999 and the first
amendment dated March 22, 2001 (collectively, the "Engagement Agreement"),
between quepasa.com, inc. (the "Company") and Friedman, Billings, Ramsey & Co.,
Inc. ("FBR").

The Engagement Letter is hereby amended as follows:

         1. The following paragraph is inserted as the third paragraph of
Paragraph 3(d) of Section 3 ("Compensation") of the Engagement Agreement:

         There shall be a minimum Success Fee of $150,000, payable in cash. If
         the Success Fee, when calculated, is greater than $350,000, then the
         Success Fee shall be $350,000 payable in cash, plus an amount payable
         in warrants of the surviving corporation/merger partner ("Surviving
         Entity"). The warrant amount shall be determined by dividing the dollar
         amount of the Success Fee in excess of $350,000, by the Company's
         closing stock price on the day the Purchase Transaction is closed. The
         strike price of the warrants shall equal the closing price of the
         Company's stock price on the day the Purchase Transaction is closed.

<Page>

2. Section (c) of Appendix II ("Success Fee Calculations") of the Engagement
Letter is replaced with the following:

         c) Purchase Transaction (including the reverse merger with Great
            Western Land and Recreation, Inc. ("GWLR").

         Sum of:
         2% of the first $30 million,
         1% of any amount over $30 million and up to $500 million, 1/2%
         of the amount over $500 million of the fair market value.

         GWLR Example:

         Approximate Number of Shares Issued: 18,000,000
         Stock Price at Transaction Close: $.50
         Fair Market Value of Shares Issued: $9,000,000

         Warrants Issued:          4,940,000 @ $0.30 exercise price
                                   4,940,000 @ $0.60 exercise price
                                   4,940,000 @ $1.20 exercise price

         Number of "In the money" Warrants: 4,940,000 (due to $0.50 closing
         stock price)

         Fair Market Value of "In the money" Warrants: $988,000 = [($.50 -
         $0.30) x 4,940,000]

         Total Fair Market Value: $9,988,000 = (9,000,000 + 988,000)

         Success Fee (2% of the first $30 million) = $199,760

<Page>

         3. The following new Section (d) is inserted immediately after Section
            (c) of Appendix II ("Success Fee Calculations") of the Engagement
            Letter.

         d) Warrant Calculation including GWLR (separate and independent example
            from Appendix II, section (c))

                Stock Price at Transaction Close:  $1.00
                Total Success Fee = $468,680
                Cash Payable Portion of Success Fee = $350,000
                Warrant Payable Portion of Success Fee = $118,680
                Number of Warrants to be issued ($118,680 divided by $1.00) =
                118,680
                Exercise Price of Warrants (Stock Price on the day the Purchase
                Transaction is closed) = $1.00

All capitalized terms set forth in this Amendment not otherwise defined herein
shall have the definition set forth in the Engagement Agreement. All other terms
of the Engagement Agreement, including those set forth in Paragraph 3(d), shall
remain in full force and effect.

Very truly yours,

FRIEDMAN, BILLINGS, RAMSEY & CO., INC.

By:
    -----------------------------------------
      J. Rock Tonkel
      Managing Director and Executive Vice President

By:
    -----------------------------------------
      William L. Boyan III
      Managing Director

                                      Confirmed and accepted as
                                      of This ___ day of
                                      September, 2001

                                      QUEPASA.COM, INC.

                                      By:
                                          -------------------------------
                                            Gary L. Trujillo
                                            Chairman and Chief Executive Officer<Page>
                                                                   Exhibit 10.03
                                 PROMISSORY NOTE

$500,000                                                        October 11, 2001

          FOR VALUE RECEIVED, GREAT WESTERN LAND AND RECREATION, INC., a
Delaware corporation ("BORROWER"), hereby promises to pay to QUEPASA.COM, INC.,
a Nevada corporation ("LENDER"), at such place as Lender designates, the
principal sum of $500,000 in lawful money of the United States of America as
consideration for a loan of that same amount made by Lender to Borrower on
October 11, 2001 (the "LOAN").

          1.   DEFINITIONS. In addition to other capitalized terms defined
elsewhere in this Note, the following terms shall have the respective meanings
set forth below:

          "MERGER AGREEMENT" means the Amended and Restated Merger Agreement
dated as of October 11, 2001 among Lender, Borrower, GWLAR, INC., and GWLR, LLC.

          "NOTE" means this Promissory Note.

          "OBLIGATIONS" means any and all amounts owing to Lender under the
Note.

          "PERSON" means an individual, a partnership, a corporation, a limited
liability company ("LLC"), an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

          "PRIME RATE" means the "prime rate" of interest reported from time to
time by THE WALL STREET JOURNAL in its money rates column; provided, however,
that in the event THE WALL STREET JOURNAL ceases reporting a "prime rate" of
interest, the term "Prime Rate" shall mean the per annum rate of interest
reported as the "Bank Prime Loan" rate for the most recent weekday for which
such rate is reported in Statistical Release H.15 (519) published from time to
time by the Board of Governors of the Federal Reserve System; and provided
further that if both of the aforesaid indices cease to be published, then such
rate as shall be determined from a comparable index mutually agreed to by the
Parties, acting in good faith.

          "PRINCIPAL" means the principal amount of the Note as may be
outstanding at any time and from time to time.

          2.   INTEREST.

               (a)  Except as otherwise provided herein, interest ("INTEREST")
shall accrue on the outstanding principal amount at rate of the lesser of the
Prime Rate then in effect plus one

<Page>

percent per annum, compounded annually or the maximum interest rate permitted by
law (the "INTEREST RATE"), calculated on the basis of the number of days elapsed
in a 365-day year, and shall be payable quarterly in arrears and due on the
final day of each quarterly period, except that the first interest payment will
be made in advance on the date hereof.

               (b)  Upon the occurrence of an Event of Default and for so long
as such Event of Default continues, Interest shall accrue on the outstanding
Principal at the rate of the lesser of the Prime Rate then in effect plus 2% or
the maximum interest rate permitted by law (the "DEFAULT INTEREST RATE"),
calculated on the basis of the number of days elapsed in a 365-day year.

          3.   MATURITY DATE. If not sooner paid, the entire principal amount
outstanding, all accrued and unpaid interest thereon and all other sums due
hereunder, shall be due and payable on the earlier to occur of (i) the
termination of the Merger Agreement according to its own terms, or (ii) March
15, 2002 (the "MATURITY DATE").

          4.   PREPAYMENT. The outstanding principal balance hereof plus all
accrued and unpaid interest The outstanding principal balance hereof plus all
accrued and unpaid interest thereon and all other sums due hereunder may be
prepaid in full, or in part, at any time and from time to time, without penalty.

          5.   SATISFACTION OF TERMINATION FEE. In the event that the Merger
Agreement is terminated in such a way as to require Lender to pay to Borrower
the Termination Fee (as defined in the Merger Agreement) contained therein, then
the Loan referenced by this Note shall be deemed to be a payment of that
Termination Fee, and Borrower shall therefore be forever released of any
obligation to make any principal amount payments contained in this Note,
notwithstanding that Borrower shall remain obligated to pay any accrued and
unpaid interest amounts that are due as of the Maturity Date.

          6.   APPLICATION OF PAYMENTS. For so long as there does not exist an
Event of Default hereunder which has not been cured within any applicable cure
period, all payments received by Lender on this Note shall be applied first, to
the payment of interest then accrued hereunder, and then to reduction of the
outstanding principal balance hereof. From and after an Event of Default
hereunder which has not been cured within any applicable cure period, all
payments received by Lender on this Note shall be applied by Lender to
principal, interest and/or other charges due hereunder in such order as Lender
shall determine in its sole discretion.

          7.   EVENTS OF DEFAULT. In case of the happening of any of the
following events (each, an "EVENT OF DEFAULT"):

               (a)  Borrower shall fail to pay any Interest within five days
after written notice when and as the same shall become due and payable, whether
at the Maturity Date, by acceleration or otherwise; or

               (b)  Borrower shall fail to pay any Principal within one day
after written notice when and as the same shall become due and payable, whether
at the Maturity Date, by acceleration or otherwise; or

                                       2
<Page>

               (c)  Borrower or any of its affiliates shall materially fail to
observe or perform any material covenant or agreement contained in this
Agreement (other than to pay Principal or Interest) and such failure shall
continue unremedied for a period of 30 days following written notice thereof to
Borrower from Lender; or

               (d)  any representation or warranty made by Borrower in this Note
shall prove to have been false or misleading in any material respect when made
or furnished; or

               (e)  Borrower shall (i) voluntarily commence any proceeding or
file any petition or proposal or any notice of its intent to commence or file
any such proceeding, petition or proposal seeking relief under Title 11 of the
United States Code or any other federal or state bankruptcy, insolvency or
similar law, (ii) consent to the institution of, or fail to controvert in a
timely and appropriate manner, any such proceeding or the filing of any such
petition or proposal, (iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator or similar official for any such
Person or for any substantial part of its property or assets, (iv) make a
general assignment for the benefit of creditors, (v) fail generally to pay its
debts as they become due, or (vi) take any corporate or stockholder action in
furtherance of any of the foregoing; or

               (f)  an involuntary proceeding shall be commenced or an
involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of Borrower or of any substantial part of the property or
assets thereof, under Title 11 of the United States Code or any other federal or
state bankruptcy, insolvency or similar law, (ii) the appointment of a receiver,
trustee, custodian, sequestrator or similar official for Borrower or any
substantial part of its property or (iii) the winding-up or liquidation of
Borrower, and such proceeding, petition or order shall continue unstayed and in
effect for a period of 90 consecutive days; or

               (g)  the Note, the Pledge Agreement or the Guaranty shall cease
to be in full force and effect and enforceable against the respective parties to
such agreements in accordance with their terms (other than by reason of any
action taken, or the failure to take any action, by Lender);

then, upon the occurrence of any such Event of Default (other than an Event of
Default described in Sections 6.9(e) or (f) above, in which case all Principal
and Interest shall automatically become immediately due and payable in full), at
any time thereafter during the continuation of such Event of Default, Lender
may, following written notice delivered to Borrower (an "ENFORCEMENT NOTICE"),
take any or all of the following actions: (i) declare the Note to be forthwith
due and payable, whereupon the entire unpaid Principal, together with accrued
and unpaid Interest thereon, and all other cash Obligations hereunder, shall
become forthwith due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by Borrower,
anything contained herein or in the Note to the contrary notwithstanding, and
(ii) exercise any and all other remedies provided hereunder and under the Note
or available at law or in equity upon the occurrence and continuation of an
Event of Default.

                                       3
<Page>

          8.   REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and
warrants to Lender that:

               (a)  ORGANIZATION, GOOD STANDING AND QUALIFICATION. Borrower is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. Borrower is duly qualified to transact business and is
in good standing in each jurisdiction in which the failure to so qualify would
have a material adverse effect on Borrower's business, property, assets,
liabilities, condition (financial or otherwise), operations, results of
operations or prospects.

               (b)  AUTHORIZATION. All corporate action on the part of Borrower,
its officers, directors and stockholders necessary for (a) the authorization,
execution and delivery of this Note, (b) the performance of all Obligations of
Borrower hereunder and thereunder and (c) the authorization, sale and issuance
of the Note has been taken. The Note, when effective, will constitute a valid
and legally binding obligation of Borrower, enforceable in accordance with its
terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting
enforcement of creditors' rights generally, and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other
equitable remedies.

               (c)  GOVERNMENTAL CONSENTS. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or
filing with, any foreign, federal, state or local governmental authority on the
part of Borrower is required in connection with the consummation of the
transactions contemplated by the Note.

               (d)  NO CONFLICTS. The execution and delivery of the Note, the
performance of all Obligations of Borrower hereunder, and the issuance of the
Note do not and will not (i) violate or conflict with any provision of, or give
rise to any right of termination or acceleration under, (a) the certificate of
incorporation or bylaws or any other organization and governance documents of
Borrower, (b) any statute, rule, regulation, order or decree of any public body
or authority applicable to Borrower or by which Borrower or its assets are bound
or (c) any contract instrument or other agreement to which Borrower is a party
or by which Borrower or its assets are bound, or (ii) result in the creation of
any encumbrance on any of the Borrower's assets or any equity interests in
Borrower, other the security interests created by the Pledge Agreement and the
Guaranty.

               (e)  LITIGATION. There is no action, suit, proceeding or
investigation pending, or to Borrower's knowledge, currently threatened against
Borrower that questions the validity of the Note, or the right of Borrower to
enter into, or accept as the case may be, the Note, or to consummate the
transactions contemplated hereby, or that might result, either individually or
in the aggregate, in any material adverse changes in the business, assets or
condition of Borrower, financially or otherwise, or any change in the current
equity ownership of Borrower. There is no action, suit, proceeding or
investigation initiated by Borrower currently pending or that Borrower intends
to initiate.

                                       4
<Page>

               (f)  SOLVENCY. Borrower is not insolvent as defined in any
applicable state or federal statute, nor will Borrower be rendered insolvent by
the execution and delivery of the Note. Borrower is not engaged or about to
engage in any business or transaction for which the assets retained by it are or
will result in an unreasonably small amount of capital, taking into
consideration the obligations to the Lender incurred hereunder. Borrower does
not intend to, nor does it believe that it will, incur debts beyond its ability
to pay such debts as they mature.

          9.   TRANSFER OF NOTE. Without the prior written consent of Lender,
this Note may be not be sold, transferred, assigned, pledged or otherwise
disposed of (a "TRANSFER") by Borrower. Any attempt to transfer this Note in
violation of this Section 7 shall be null and void, and Lender shall not give
any effect to such attempted Transfer in the records of Lender. A waiver of this
Section 8 shall not constitute a waiver of any other provision of this Note.

          10.  NOTICES. All notices, requests and other communications to any
party hereunder shall be in writing, shall be given to such party at its address
set forth below or at such other address as shall be furnished by any party by
like notice to the others. Each such notice, request or other communication
shall be deemed to have been duly given (i) as of the date of delivery, if
delivered personally, (ii) upon the next business day when delivered during
normal business hours to a recognized overnight courier service, such as Federal
Express for next business day delivery, or (iii) on the business day of receipt
if sent by facsimile (with confirmation of receipt).

               (a)  if to Borrower, to:

                                  5115 N. Scottsdale Rd., Suite 101
                                  Scottsdale, AZ 85250
                                  Attn:    Jay Torok
                                  Fax:     (480) 949-6007

                                  with copies to:

                                  Gallagher & Kennedy P.A.
                                  2575 East Camelback Road
                                  Phoenix, AZ 85016-9225
                                  Attn:  Edward Zachary
                                  Fax:  (602) 530-8500

               (b)  if to Lender, to:

                                  quepasa.com, inc.
                                  400 E. Van Buren, 4th Floor
                                  Phoenix, AZ  85004
                                  Attn: Gary L. Trujillo
                                  Fax:     (602) 281-1499

                                       5
<Page>

                                  with copies to:

                                  Brownstein Hyatt & Faber, P.C.
                                  410 Seventeenth Street, 22nd Floor
                                  Denver, Colorado 80202
                                  Attn: Jeffrey M. Knetsch
                                  Fax:     (303) 223-1111

or such other address or persons as the parties may from time to time designate
in writing in the manner provided in this Section 10.

          11.  SECURITY FOR NOTE. The payment and performance of this Note is
secured by the Guaranty in the form of EXHIBIT A hereto (the "GUARANTY") and the
Pledge Agreement in the form of EXHIBIT B hereto (the "PLEDGE AGREEMENT"), each
dated as of the date hereof and given by First Realty Investments, Inc. for the
benefit of Lender.

          12.  MISCELLANEOUS.

               (a)  LENDERS' CONSENT REQUIRED. Any term, covenant, agreement or
condition of this Note binding upon or to be performed or complied with by
Borrower may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with Lender's prior written
consent.

               (b)  LOSS, THEFT, ETC. OF NOTE. Upon receipt of evidence
satisfactory to Borrower of the loss, theft, mutilation or destruction of this
Note and, if reasonably requested by Borrower, a reasonable indemnification by
Lender, Borrower shall make and deliver without expense to Lender, a new Note,
of like tenor and issue, in lieu of such lost, stolen, destroyed or mutilated
Note.

               (c)  POWERS AND RIGHTS NOT WAIVED. No delay or failure on the
part of Lender in the exercise of any power or right shall operate as a waiver
thereof; nor shall any single or partial exercise of the same preclude any other
or further exercise thereof, or the exercise of any other power or right, and
the rights and remedies of Lender are cumulative to, and are not exclusive of,
any rights or remedies Lender would otherwise have.

               (d)  SUCCESSORS AND ASSIGNS. This Note and the rights evidenced
hereby shall inure to the benefit of and be binding upon and the successors and
permitted assigns of Borrower and Lender.

               (e)  AMENDMENTS. Subject to Section 8, this Note may not be
modified, supplemented, varied  or amended except by an instrument in writing
signed by Borrower and Lender.

               (f)  HEADINGS. The descriptive headings of sections of this Note
are provided solely for convenience of reference and shall not, for any purpose,
be deemed a part of this Note.

                                       6
<Page>

               (g)  GOVERNING LAW. This Note and all matters concerning this
Note shall be governed by the laws of the State of Arizona for contracts entered
into and to be performed in such State, without regard to its principles of
conflicts of laws.

          Borrower waives presentment, notice of dishonor and protest with
respect to any payment due under this Note.

                            [SIGNATURE PAGE FOLLOWS]

                                       7
<Page>

          IN WITNESS WHEREOF, Borrower has caused this Note to be executed and
delivered by its duly authorized officer as of the date first above written.

                                        GREAT WESTERN LAND AND RECREATION, INC.

                                        By:   ---------------------------------
                                              Name:
                                              Title:

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]