Document:

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                                                           Exhibit 4.08

                                 ESCROW AGREEMENT

         THIS ESCROW AGREEMENT (the "Agreement"), dated as of January 28, 2000
is entered into by and among Verde Capital Partners, LLC, an Arizona limited
liability company, Alphabit Media Ventures, LLC, a California limited liability
company, Designet S.A. de C.V., a Mexico corporation, Designet Ventures, LLC, a
California limited liability company, and Cruttenden Roth Incorporated, a
California corporation (together the "Shareholders" and each individually a
"Shareholder"); quepasa.com, inc., a Nevada corporation ("Quepasa"); and Norwest
Bank Arizona, N.A. (the "Escrow Agent").

                              W I T N E S S E T H:

         WHEREAS, Quepasa, the Shareholders, eTrato.com, Inc., a Delaware
corporation ("eTrato"), and eTrato Acquisition, Inc., a Delaware corporation and
wholly-owned subsidiary of Quepasa ("Merger Sub"), have entered into a Merger
Agreement (the "Merger Agreement") dated as of December 17, 1999; and

         WHEREAS, pursuant to Section 8.2 of the Merger Agreement, the
Shareholders have agreed to indemnify Quepasa, Merger Sub and their agents for
certain liabilities, costs and expenses as provided in the Merger Agreement; and

         WHEREAS, pursuant to the Merger Agreement, Quepasa and the Shareholders
have agreed to receive a portion of their compensation only after the passage of
time and the attainment of the Targets (as defined in the Merger Agreement); and

         WHEREAS, pursuant to Section 1.8 of the Merger Agreement the parties to
the Merger Agreement have agreed that 50% of the Quepasa Merger Shares (as
defined in the Merger Agreement) shall be delivered to the Escrow Agent and this
Agreement establishes the terms and conditions pursuant to which the Escrow
Agent shall hold and disburse such shares.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

                                   ARTICLE 1

                                   Definitions

         SECTION 1.1 Definitions. Unless the context shall otherwise require,
capitalized terms used herein shall have the following meanings (such
definitions to be equally applicable to both the singular and plural forms of
the terms used):

         "Business Day" means a day on which the Escrow Agent, at its address
set forth in Section 5.2, is open for the purpose of conducting a corporate
trust business.
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         "Escrowed Shares" shall mean the 681,818 shares of Quepasa common
stock, $0.001 par value, that Quepasa is required to deliver to the Escrow Agent
pursuant to Section 1.8 of the Merger Agreement.

         "Release Certificate" shall mean a certificate in the form of Schedule
A attached hereto, signed by Quepasa and the Shareholder Representative on
behalf of the Shareholders.

         "Shareholder Representative" shall mean Verde Capital Partners, LLC, or
any other person designated in writing to Quepasa and the Escrow Agent by a
majority in interest of the Shareholders.

         SECTION 1.2 Terms Defined in Merger Agreement. All capitalized terms
not defined herein shall have the respective meanings ascribed to such terms in
the Merger Agreement.

                                   ARTICLE 2

                               The Escrowed Shares

         SECTION 2.1 Appointment of Escrow Agent. The Shareholders and Quepasa
hereby appoint Norwest Bank Arizona, N.A., as Escrow Agent hereunder, and the
Escrow Agent hereby accepts such appointment

         SECTION 2.2 Appointment of Shareholder Representative. The Shareholders
hereby appoint the Shareholder Representative to act on their behalf as provided
herein.

         SECTION 2.3 Delivery of Escrowed Shares. Pursuant to the Merger
Agreement, at the Effective Time (as defined in the Merger Agreement) Quepasa
shall deliver to the Escrow Agent the stock certificates representing the
Escrowed Shares, duly endorsed in blank, or accompanied by stock powers duly
endorsed in blank. For each Shareholder, Quepasa shall deliver to the Escrow
Agent two share certificates, with each certificate representing 50% of such
Shareholder's pro-rata portion of the Escrowed Shares. For each Shareholder, one
certificate shall be deemed the "First Certificate" and the other shall be
deemed the "Second Certificate," provided that one or more Replacement
Certificates (as defined in Section 2.5 below) may subsequently be issued to
replace the Second Certificate pursuant to Section 2.5 below

         SECTION 2.4 Release of Escrowed Shares. The Escrow Agent will hold the
Escrowed Shares in its possession until authorized hereunder to deliver such
shares, or a portion thereof, as follows:

         (a) As mutually directed in writing by Quepasa and the Shareholder
Representative.

         (b) Upon receipt of a Release Certificate, as directed in such Release
Certificate.

         SECTION 2.5 Replacement Certificates. If the Escrow Agent receives a
Release Certificate in the form of Schedule A attached hereto specifying that
Replacement Certificates

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are to be issued, the Escrow Agent shall, no later than the seventh Business Day
following the delivery of such Release Certificate, deliver to Quepasa (or upon
Quepasa's written instruction, to Quepasa's stock transfer agent) the
appropriate First Certificates or Second Certificates. Quepasa shall cancel such
certificates and promptly issue new certificates representing Quepasa Common
Stock (the "Replacement Certificates") to the Escrow Agent or to each
Shareholder (according to its pro-rata ownership of the remaining Escrowed
Shares), as set forth in the Release Certificate, calculated by subtracting the
amount of the Losses specified in such Release Certificate from $7,500,000 or
$3,750,000, as the case may be, and then dividing that amount by $11. (For
example, aggregate Losses of $1,000,000 to be satisfied by shares represented by
the First Certificates would result in the issuance of Replacement Certificates
representing an aggregate of 250,000 shares of Quepasa Common Stock ($3,750,000
- $1,000,000 = $2,750,000; $2,750,000/$11 = 250,000.) The Replacement
Certificates shall be distributed to the Escrow Agent or the Shareholders, as
set forth in the Release Certificate, no later than the Business Day following
the Escrow Agent's receipt thereof.

                                    ARTICLE 3

                              Rights as Shareholder

         SECTION 3.1 Rights as Holder. Nothing herein shall be deemed to create
in the Escrow Agent any rights as a shareholder of Quepasa. If and until the
Escrowed Shares are delivered by the Escrow Agent to Quepasa in accordance
herewith, the Shareholders shall possess all rights of ownership of a record
shareholder of Quepasa (including the right to vote such shares and receive
dividends). The Escrowed Shares will appear as issued and outstanding on
Quepasa's balance sheet.

                                    ARTICLE 4

                                  Escrow Agent

         SECTION 4.1 Compensation of Escrow Agent; Indemnification.

         (a) The Escrow Agent shall be entitled to an initial fee of $1,000 and
an annual fee of $1,500 as reasonable compensation for its services under and
pursuant to this Agreement. Quepasa shall pay (i) the initial fee on the date
hereof and (ii) the annual fee within five Business Days after each anniversary
of the date hereof if the Escrowed Shares remain in escrow on the anniversary
date.

         (b) The Escrow Agent acknowledges and agrees that it will provide the
services described herein in consideration of the fee recited herein and that
the Escrow Agent shall not be entitled to receive, and no other party hereto
shall be obligated to pay, the Escrow Agent any other fees for services
hereunder.

         (c) Quepasa and the Shareholders will jointly (but not severally)
indemnify and hold harmless the Escrow Agent and its officers and employees from
and against any and all losses, costs, charges, expenses, judgments and
liabilities, including, without limitation,

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reasonable expenses of counsel and expenses of litigation incurred while acting
in good faith to carry out the transactions contemplated by this Agreement;
provided, however, that the Escrow Agent shall not be entitled to such
indemnification to the extent that any such losses, costs, changes, expenses,
judgments or liabilities are caused by the negligent action, negligent failure
to act, willful misconduct, or failure to act of the Escrow Agent or its
officers or employees.

         (d) Should any controversy arise between the parties with respect to
this Agreement, or with respect to the right to receive any of the Escrowed
Shares, the Escrow Agent shall have the right to institute a bill of
interpleader in any court of competent jurisdiction as specified in Section 5.10
of this Agreement to determine the rights of the parties. Should a bill of
interpleader be instituted, or should the Escrow Agent become involved in
litigation in any manner whatsoever on account of this Agreement or the Escrowed
Shares, Quepasa and the Shareholders will pay the Escrow Agent reasonable
attorneys' fees incurred by the Escrow Agent, and any other disbursements,
expenses, losses, costs, and damages in connection with or resulting from such
litigation.

         SECTION 4.2 Escrow Agent's Performance; Duty of Care.

         (a) The Escrow Agent accepts and agrees to hold the Escrowed Shares and
consents and agrees to perform and comply with all of the terms and provisions
on its part contained in this Agreement. The Escrow Agent shall not be charged
with knowledge of content or conditions of the Merger Agreement.

         (b) The Escrow Agent shall take no action except as provided herein and
shall have no responsibilities to the parties hereto except those specifically
provided for herein. In performing its duties and obligations hereunder, the
Escrow Agent shall exercise the same degree of skill and care as is ordinarily
exercised by similar institutions in the holding of negotiable instruments under
similar circumstances.

         (c) No provision of this Agreement shall be construed to relieve the
Escrow Agent from liability for its own failure to act in accordance with
subsection 4.2(b), its own negligent action, its own negligent failure to act or
its own willful misconduct or that of its officers or employees; provided,
however; that (i) the duties and obligations of the Escrow Agent shall be
determined solely by the express provisions of this Agreement; (ii) the Escrow
Agent shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Agreement, and (iii) in the
absence of bad faith on the part of the Escrow Agent, the Escrow Agent may
conclusively rely, as to the truth of the statements expressed therein, upon any
documents furnished to the Escrow Agent and conforming to the requirements of
this Agreement and the Escrow Agent may rely and shall be protected in acting
upon any document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

         SECTION 4.3 Resignation by the Escrow Agent. The Escrow Agent may at
any time resign from the trusts hereby created by giving at least 30 days
written notice to Quepasa and the Shareholder Representative, and such
resignation shall take effect on the later of the date specified in such notice
or upon the appointment of a successor Escrow Agent pursuant to the

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provisions of Section 4.5 of this Agreement and acceptance by the successor
Escrow Agent of such trusts.

         SECTION 4.4 Removal of the Escrow Agent. The Escrow Agent may be
removed at any time, by an instrument or concurrent instruments in writing
delivered to the Escrow Agent, duly executed by Quepasa and the Shareholder
Representative; provided, however, that such removal shall not take effect prior
to the appointment of a successor Escrow Agent pursuant to the provisions of
Section 4.5 of this Agreement and acceptance by the successor Escrow Agent of
the trusts hereby created.

         SECTION 4.5 Appointment of Successor Escrow Agent. In case the Escrow
Agent hereunder shall (a) resign pursuant to Section 4.3 hereof, (b) be removed
pursuant to Section 4.4 hereof, or (c) be dissolved, taken under the control of
any public officer or officers or of a receiver appointed by the court, or
otherwise become incapable of acting hereunder, a successor will be appointed by
Quepasa with the consent of the Shareholder Representative (which consent shall
not be unreasonably withheld). If no successor Escrow Agent shall have been so
appointed and have accepted appointment within 30 days of the giving of written
notice by the resigning Escrow Agent or within 30 days of the giving of written
notice of removal by the Shareholder Representative and Quepasa or within 30
days of the Shareholder Representative's or Quepasa's knowledge of any of the
events specified in clause (c) of the preceding sentence, the Escrow Agent, the
Shareholder Representative, the Shareholders, Quepasa or any of them may
petition any court of competent jurisdiction for the appointment of a successor
Escrow Agent. Every such successor Escrow Agent appointed pursuant to the
provisions of this Section 4.5 shall be willing to accept the trusteeship of the
Escrowed Shares under the terms and conditions of this Agreement.
Notwithstanding Section 4.4 or 4.5 or any other provision contained in this
Agreement to the contrary, no resignation or removal of an Escrow Agent shall
take effect until a duly appointed successor Escrow Agent has received the full
amount of the Escrowed Shares.

         SECTION 4.6 Concerning any Successor Escrow Agent. Every successor
Escrow Agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor and also to the Shareholder Representative and Quepasa an instrument
in writing accepting such appointment hereunder, and thereupon such successor
shall become fully vested with all the trusts, powers, rights, obligations,
duties, remedies, immunities and privileges of its predecessor as if originally
named herein; but, nevertheless, (i) such predecessor shall, on the written
request of the Shareholder Representative or Quepasa, or such successor, execute
and deliver an instrument transferring to such successor Escrow Agent all the
trusts, powers, rights, obligations, duties, remedies, immunities and privileges
of such predecessor hereunder and (ii) such predecessor shall deliver all of the
Escrowed Shares to its successor. Should any instrument in writing from the
Shareholder Representative, the Shareholders or Quepasa be required by any
successor Escrow Agent for more fully and certainly vesting in such successor,
any and all such instruments in writing shall, on request, be executed,
acknowledged and delivered by the Shareholders, the Shareholder Representative
or Quepasa at the expense of Quepasa and the Shareholders.

         SECTION 4.7 Term of Escrow Agreement. This Agreement shall remain in
full force and effect until all the Escrowed Shares have been distributed to the
Shareholders or Quepasa in

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accordance with Section 2.4 hereof and the Escrow Agent shall have received all
fees and other sums owed to it hereunder.

         SECTION 4.8 Merger, Conversion, Consolidation, or Succession to
Business. Any corporation into which the Escrow Agent may be merged or converted
or with which it may be consolidated, or any corporation resulting from any
merger, conversion, or consolidation to which the Escrow Agent shall be a party,
or any corporation succeeding to all or substantially all of the corporate trust
business of the Escrow Agent, shall be the successor of the Escrow Agent
hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article, without the execution or filing of any paper or any further
act on the part of any of the parties hereto.

                                   ARTICLE 5

                           Shareholder Representative

         SECTION 5.1 Appointment. The Shareholders irrevocably make, constitute
and appoint Verde Capital Partners, LLC as their agent (the "Shareholder
Representative") and authorize and empower it to fulfill the role of Shareholder
Representative hereunder.

         SECTION 5.2 Duties. The Shareholder Representative shall:

         (a) receive all notices and communications directed to the Shareholders
under this Agreement and forward such notices and communications to all
Shareholders within four days of receipt by the Shareholder Representative;

         (b) within seven days of forwarding such notices and communications by
the Shareholder Representative, all Shareholders shall meet in person or by
conference telephone, electronic video screen communication, or similar
communication equipment (so long as all Shareholders participating in the
meeting can hear one another), to determine what actions the Shareholders should
or should not take in response to such notice or communications;

         (c) ensure that all such decisions (whether to act or not act) be
memorialized in writing by the Shareholders;

         (d) take any action (or take no action) as the Shareholder
Representative is directed to do pursuant only to a written consent of a
majority in interest of the Shareholders to take (or not take) such action; and

         (e) act in good faith and exercise the same degree of duty and care in
performing its duties and obligations hereunder as is exercised by other
entities under similar circumstances.

         SECTION 5.3 Liability. The Shareholder Representative shall not be
liable to the Shareholders for its performance under this Agreement except for
the Shareholder Representative's own negligent action, failure to act in good
faith, or willful misconduct. In the absence of bad faith on the part of the
Shareholder Representative, the Shareholder

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Representative may conclusively rely, as to the truth of the statements
expressed therein, upon any documents furnished to the Shareholder
Representative and conforming to the requirements of this Agreement and the
Shareholder Representative may rely and shall be protected in acting upon any
document believed by it to be genuine and to have been signed or presented by
the proper party or parties.

         SECTION 5.4 Compensation: The Shareholder will not be compensated for
the performance of its services under this Agreement.

                                   ARTICLE 6

                                  Miscellaneous

         SECTION 6.1 Waivers; Amendments.

         (a) No failure or delay by any party in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. No waiver of any provision
of this Agreement or consent to any departure therefrom shall in any event be
effective unless the same shall be authorized as provided in subsection 5.1(b)
below, and then such waiver or consent shall be effective only in the specific
instance for the purpose for which given. No notice or demand on any party in
any case shall entitle such party to any other or further notice or demand in
similar or other circumstances.

         (b) No provision of this Agreement may be waived, amended,
supplemented, or modified except pursuant to an agreement in writing entered
into by the Shareholder Representative (or the Shareholders), Quepasa and the
Escrow Agent.

         SECTION 6.2 Notices. All communications and notices required by any
provision of this Agreement to be given by one party hereto to any other party
hereto shall also be contemporaneously given by the party giving any such notice
to the other party hereto. All communications and notices under this Agreement
shall be in writing and shall be deemed to have been duly given if delivered by
hand or mailed by overnight mail delivery service, return receipt requested, or
transmitted by telex, telecopy or other wire transmission (with request for
assurance of receipt in a manner customary for communications of such respective
type) to the appropriate following address:

                  To Quepasa:

                           quepasa.com, inc.
                           400 East Van Buren, 4th Floor
                           Phoenix, AZ 85004
                           FAX: 602-716-0200
                           Attention: Gary Trujillo

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                  With a copy to:

                           Brownstein, Hyatt & Farber, P.C.
                           410 17th Street, 22nd Floor
                           Denver, CO 80202
                           FAX: 303-223-1111
                           Attention: Jeffrey Knetsch

                  If to Verde Capital Partners, LLC:

                           Verde Capital Partners, LLC
                           2525 East Camelback Road, Suite 1150
                           Phoenix, AZ 85016
                           FAX: 602-522-3159
                           Attention: Ernest C. Garcia III

                  With a copy to:

                           Snell & Wilmer, L.L.P.
                           One Arizona Center
                           Phoenix, AZ 85016
                           FAX: 602-382-6070
                           Attention: Steven D. Pidgeon, Esq.

                  If to Alphabit Media Ventures, LLC:

                           Alphabit Media, Inc.
                           1112 Harrison Street
                           San Francisco, CA 94103
                           FAX: 415-252-9343
                           Attention: Steve Landman

                  With a copy to:

                           Crosby, Heafey, Roach & May, P.C.
                           Four Embarcadero Center, Suite 1900
                           San Francisco, CA 94111
                           FAX: 415-391-8269
                           Attention: Matthew P. Fisher

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                  If to Designet S.A. de C.V. or Designet Ventures, LLC:

                           Designet S.A. de C.V.
                           Napoles 59, Primer Piso
                           Col. Juarez
                           Mexico, D.S. 06600
                           FAX: 011-525-286-8124
                           Attention: Elias Terman

                  With a copy to:

                           Mitchell & Shea
                           1540 Sixth Avenue
                           San Diego, CA 92101
                           FAX: 619-702-6534

                  If to Cruttenden Roth Incorporated:

                           Cruttenden Roth Incorporated
                           24 Corporate Plaza
                           Newport Beach, CA 92660
                           FAX: 949-720-7223
                           Attention: Aaron Gurewitz

                  If to Escrow Agent, to:

                           Norwest Bank Arizona, N.A.
                           Corporate Trust Services
                           MAC S4101-080
                           100 W. Washington St., 8th Floor
                           Phoenix, Arizona 85003
                           Attn.: Eunice Ortega
                           FAX: (602) 378-2333

or at such other address as a party may designate by notice to the other parties
hereto in accordance with this Section.

         SECTION 6.3 Governing Law. This Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of Arizona,
without regard to its conflicts of law doctrine.

         SECTION 6.4 Counterparts. This Agreement may be executed in two or more
counterparts, and by the different parties hereto in separate counterparts, each
of which, when so executed and delivered, shall be an original, but all of which
together shall constitute one and the same instrument.

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         SECTION 6.5 Severability. If any term or provision of this Agreement or
the application thereof to any circumstance shall, in any jurisdiction and to
any extent, be invalid or unenforceable, such term or such provision shall be
ineffective as to such jurisdiction to the extent of such invalidity or
unenforceability without invalidating or rendering unenforceable any remaining
terms or provisions of this Agreement or the application of such term or
provision to circumstances other than those as to which it is held invalid or
unenforceable. To the extent permitted by applicable law, the parties hereto
waive any provision of law that renders any term or provision of this Agreement
invalid or unenforceable in any respect.

         SECTION 6.6 Headings. The headings of the Sections and subsections of
this Agreement have been inserted for convenience of reference only and shall in
no way restrict or otherwise modify any of the terms or provisions hereof.

         SECTION 6.7 Entire Agreement. This Agreement and the Merger Agreement
supersede all prior agreements, written or oral, between or among any of the
parties hereto relating to the transactions contemplated hereby or thereby and
each of the parties hereto represents and warrants to the others that this
Agreement and the Merger Agreement constitute the entire agreement among the
parties relating to the transactions contemplated hereby and thereby.

         SECTION 6.8 Assignment. Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any of the parties
hereto without the prior written consent of the other parties, other than
strictly in accordance with the provisions of Section 4.3 through 4.6.

         SECTION 6.9 Binding Effect. All agreements, representations, warranties
and indemnities in this Agreement and in any agreement, document or certificate
delivered concurrently with the execution of this Agreement or from time to time
hereafter shall bind the party making the same and its successors and assigns
and shall inure to the benefit of each party for whom made and its permitted
successors and assigns.

         SECTION 6.10 Choice of Forum. The parties agree that any legal action
or proceeding with respect to or arising out of this Agreement shall be brought
in any federal or state court in Maricopa County in the State of Arizona, which
courts shall have exclusive original jurisdiction over any dispute or
controversy with respect to or arising out of this Agreement. The parties
irrevocably consent to the service of process out of any of such courts in any
such action or proceeding by the mailing of copies thereof by registered or
certified airmail, postage prepaid, to the Shareholders, Quepasa or the Escrow
Agent, as the case may be, at their respective addresses for notices as
specified in Section 5.2 and that such service shall be effective five Business
Days after such mailing. Nothing herein shall affect the right to serve process
in any other manner permitted by law.

         SECTION 6.11 Conflicts with Merger Agreement. In the event the
provisions of this Agreement are inconsistent with or contradict the terms of
the Merger Agreement, the terms of the Merger Agreement shall govern.

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         IN WITNESS WHEREOF, Quepasa, the Shareholders, the Shareholder
Representative and the Escrow Agent have executed this Agreement as of the date
first written above.

                                QUEPASA.COM, INC.

                                By:   /s/ Gary Trujillo
                                      -----------------
                                         Gary Trujillo,
                                         Chairman/Chief Executive Officer

                                  SHAREHOLDERS:

                                  VERDE CAPITAL PARTNERS, LLC

                                  By:  /s/ Ernest C. Garcia II
                                       -----------------------
                                  Name: Ernest C. Garcia II
                                  Its:  Member

                                  ALPHABIT MEDIA VENTURES, LLC

                                  By: /s/ Steven Landman
                                      ------------------
                                  Name:   Steven Landman
                                  Its:    CFO

                                 DESIGNET S.A. DE C.V.

                                 By: /s/ Elias M. Terman
                                     -------------------
                                 Name:   Elias M. Terman
                                 Its:    President

                                  DESIGNET VENTURES, LLC

                                  By: /s/ Elias M. Terman
                                     --------------------
                                  Name: Elias M. Terman
                                  Its:  President

                                       11
<PAGE>   12

                                  CRUTTENDEN ROTH INCORPORATED

                                  By: /s/ Aaron M. Gurewitz
                                      ---------------------
                                  Name: Aaron M. Gurewitz
                                  Its:  Principal

                                  NORWEST BANK ARIZONA, N.A., as Escrow Agent

                                  By:/s/ Eunice Ortega
                                     -----------------
                                  Name:  Eunice Ortega
                                  Its:   Trust Officer

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                                                                      Schedule A

                                   CERTIFICATE

         Reference is made to the Escrow Agreement (the "Escrow Agreement") by
and among Verde Capital Partners, LLC, an Arizona limited liability company,
Alphabit Media Ventures, LLC, a California limited liability company, Designet
S.A. de C.V., a Mexico corporation, Designet Ventures, LLC, a California limited
liability company, and Cruttenden Roth Incorporated, a California corporation
(together the "Shareholders" and each individually a "Shareholder");
quepasa.com, inc., a Nevada corporation ("Quepasa"); and Norwest Bank Arizona,
N.A. (the "Escrow Agent"). Capitalized terms used herein but not defined herein
have the meanings assigned such terms in the Escrow Agreement.

         [FIRST ALTERNATIVE - TO BE DELIVERED ONLY WITH RESPECT TO THE FIRST
         CERTIFICATES]

         As of the date hereof, the Surviving Corporation (as defined in the
Merger Agreement) has achieved the Targets (as defined in the Merger Agreement)
and Quepasa has incurred no Losses (as defined in the Merger Agreement). Quepasa
and the Shareholders hereby authorize the Escrow Agent to release the First
Certificates on the later of either (i) April 24, 2000 or (ii) the first
Business Day after receiving this Certificate.

         [SECOND ALTERNATIVE - TO BE DELIVERED ONLY WITH RESPECT TO THE SECOND
         CERTIFICATES]

         As of the date hereof, the Surviving Corporation (as defined in the
Merger Agreement) has achieved the Targets (as defined in the Merger Agreement)
and Quepasa has incurred no Losses (as defined in the Merger Agreement). Quepasa
and the Shareholders hereby authorize the Escrow Agent to release the Second
Certificates on the later of either (i) July 24, 2000 or (ii) the first Business
Day after receiving this Certificate.

                               [THIRD ALTERNATIVE]

         1) As of the date hereof, the Surviving Corporation (as defined in the
Merger Agreement) has achieved the Targets and Quepasa has incurred Losses (as
defined in the Merger Agreement) of $_________.

         2) If the amount in paragraph 1 above is greater than or equal to
$7,500,000, Quepasa and the Shareholders hereby authorize the Escrow Agent to
release the First Certificates and the Second Certificates to Quepasa.

         3) If the amount in paragraph 1 is greater than or equal to $3,750,000
but less than $7,500,000, Quepasa and the Shareholders hereby authorize the
Escrow Agent to release the First Certificates to Quepasa and to return the
Second Certificates to Quepasa to be canceled and Replacement Certificates for
the Second Certificates to be issued to the Escrow Agent in accordance with
Section 2.5 of the Escrow Agreement. If the date hereof is on or after July 24,
2000, Quepasa shall issue such Replacement Certificates to the Shareholders; if
the date hereof is

<PAGE>   14

prior to July 24, 2000, Quepasa shall return such Replacement
Certificates to the Escrow Agent, to be released according to Section 2.4 of the
Escrow Agreement.

                  4) If the amount in paragraph 1 is less than $3,750,000,
Quepasa and the Shareholders hereby authorize the Escrow Agent to return the
First Certificates to Quepasa to be canceled and Replacement Certificates to be
issued to the Shareholders in accordance with Section 2.5 of the Escrow
Agreement. If the date hereof is on or after April 24, 2000, Quepasa shall issue
such Replacement Certificates to the Shareholders; if the date hereof is prior
to April 24, 2000, Quepasa shall return such Replacement Certificates to the
Escrow Agent, to be released according to Section 2.4 of the Escrow Agreement.
The Second Certificates shall remain in escrow until released in accordance with
Section 2.4 of the Escrow Agreement.

         [FOURTH ALTERNATIVE - TO BE DELIVERED ONLY WITH RESPECT TO THE SECOND
         CERTIFICATES]

         1) As of the date hereof, the Surviving Corporation (as defined in the
Merger Agreement) has achieved the Targets and Quepasa has incurred Losses (as
defined in the Merger Agreement) of $_________ in excess of the amount of Losses
set forth in any previous Certificate(s) delivered to the Escrow Agent.

         2) If the amount in paragraph 1 above is greater than or equal to
$3,750,000, Quepasa and the Shareholders hereby authorize the Escrow Agent to
release the Second Certificates to Quepasa.

         3) If the amount in paragraph 1 is less than $3,750,000, Quepasa and
the Shareholders hereby authorize the Escrow Agent to return the Second
Certificates to Quepasa to be canceled and Replacement Certificates to be issued
to the Shareholders in accordance with Section 2.5 of the Escrow Agreement. If
the date hereof is on or after July 24, 2000, Quepasa shall issue such
Replacement Certificates to the Shareholders; if the date hereof is prior to
July 24, 2000, Quepasa shall return such Replacement Certificates to the Escrow
Agent, to be released according to Section 2.4 of the Escrow Agreement.

                               [FIFTH ALTERNATIVE]

         As of the date hereof, a Change of Control (as defined in the Merger
Agreement) has occurred. Quepasa and the Shareholders hereby authorize the
Escrow Agent to release all of the Escrowed Shares to the Shareholders.

                                       2

<PAGE>   15
         IN WITNESS WHEREOF, Quepasa and the Shareholders have executed this
Certificate as of
                 -------------------------------.

                                  QUEPASA.COM, INC.

                                  By:
                                  -----------------------------------
                                  Name:-----------------------------------
                                  Its: -----------------------------------

                                  SHAREHOLDERS:

                                  BY VERDE CAPITAL PARTNERS, LLC
                                  AS SHAREHOLDER REPRESENTATIVE

                                  By:
                                  ----------------------------------
                                  Name:----------------------------------
                                  Its: ----------------------------------

                                      3<PAGE>   1
                                                                Exhibit 4.09

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of March
9, 2000 by and among QUEPASA.COM, INC., a Nevada corporation ("quepasa"), and
GARY ACOSTA and JOHN BENEVENTI (collectively, the "Shareholders").

                              W I T N E S S E T H :

     WHEREAS, quepasa, credito.com, inc., a Delaware corporation wholly-owned by
quepasa ("Credito"), realestateespanol.com, Inc., a Delaware corporation
wholly-owned by Credito ("Merger Sub"), Century Finance USA, Inc., a California
corporation d/b/a RealEstateEspanol.com, Inc. ("Century"), and the Shareholders
have entered into an Agreement and Plan of Merger dated March 9, 2000 (the
"Agreement and Plan of Merger"); and

     WHEREAS, as a condition to the closing of the Agreement and Plan of Merger,
quepasa and the Shareholders have agreed to enter into this Agreement;

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

1.   DEFINITIONS

         1.1 "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         1.2 "Form S-3" means such form under the Securities Act as in effect on
the date hereof or any successor registration form under the Securities Act
subsequently adopted by the SEC which permits inclusion or incorporation of
substantial information by reference to other documents filed by quepasa with
the SEC.

         1.3 "Nasdaq" shall mean the Nasdaq National Market.

         1.4 "quepasa Common Stock" shall mean the common stock, $.001 par
value, of quepasa.

         1.5 "Registration Expenses" shall mean all expenses incurred by quepasa
in complying with Section 2.1 hereof, including, without limitation, all
registration and filing fees, printing expenses, fees and disbursements of
counsel for quepasa, fees and expenses of independent public accountants of
quepasa, blue sky fees and expenses and the expense of any special audits
incident to or required by any such registration (but excluding the compensation
of regular employees of quepasa which shall be paid in any event by quepasa).

         1.6 "Registrable Securities" means (a) the quepasa Common Stock issued
to the Shareholders pursuant to Section 1.5 of the Agreement and Plan of Merger;
and (b) any additional securities issued to the Shareholders with respect to the
foregoing upon any stock split, stock dividend, recapitalization, dilution
adjustment or similar event.
<PAGE>   2
         1.7 "Securities Act" means the Securities Act of 1933, as amended and
the rules and regulations promulgated thereto by the SEC.

         1.8 "Selling Expenses" shall mean all underwriting discounts and
selling commissions applicable to the sale.

         1.9 "SEC" or "Commission" means the Securities and Exchange Commission.

         1.10 All other capitalized terms used herein which are not specifically
defined shall have the meaning ascribed to them in the Agreement and Plan of
Merger.

2.   REGISTRATION RIGHTS

     2.1 Piggyback Registration Rights.

         (a) Quepasa shall notify all Shareholders in writing at least fifteen
days prior to the filing of any registration statement under the Securities Act
for purposes of a public offering of securities of quepasa (including, but not
limited to, registration statements relating to secondary offerings of
securities of quepasa, but excluding registration statements (i) relating to
employee benefit plans, (ii) with respect to corporate reorganizations or other
transactions under Rule 145 of the Securities Act or any similar rule of the
Commission, (iii) a registration on any form that does not include substantially
the same information as would be required to be included in a registration
statement covering the Registrable Securities (including Form S-4 or any form
substituted therefor) or (iv) being filed for the account of other holders of
quepasa Common Stock who are entitled by right to exclude the Registrable
Securities in such registration statement and will afford each such Shareholder
an opportunity to include in such registration statement, at such Shareholder's
election, all or part of such Registrable Securities held by such Shareholder.
Each Shareholder desiring to include in any such registration statement all or
any part of the Registrable Securities held by it shall, within ten days after
the above-described notice from quepasa, so notify quepasa in writing. Such
notice shall state the intended method of disposition of the Registrable
Securities by such Shareholder. If a Shareholder decides not to include any or
all of its Registrable Securities in any registration statement thereafter filed
by quepasa, such Shareholder shall nevertheless continue to have the right to
include any Registrable Securities in any subsequent registration statement or
registration statements as may be filed by quepasa with respect to offerings of
its securities, all upon the terms and conditions set forth herein.

         (b) Underwriting. If the registration statement under which quepasa
gives notice under this Section 2.1 is for an underwritten offering, quepasa
shall so advise the Shareholders of Registrable Securities. In such event, the
right of any such Shareholder to be included in a registration pursuant to this
Section 2.1 shall be conditioned upon such Shareholder's participation in such
underwriting and the inclusion of such Shareholder's Registrable Securities in
the underwriting to the extent provided herein. All Shareholders proposing to
distribute their Registrable Securities through such underwriting shall enter
into an underwriting agreement in customary form with the underwriter or
underwriters selected for such

                                       2
<PAGE>   3
underwriting by quepasa. Notwithstanding any other provision of the Agreement,
if the underwriter determines in good faith that marketing factors require a
limitation of the number of shares to be underwritten, the number of shares that
may be included in the underwriting shall be allocated first, to quepasa and
second, to holders of Registrable Securities and other security holders, if any,
who have registration rights with respect to the securities they desire to have
registered in proportion, as nearly as practicable, to their respective holdings
of securities of quepasa. If any Shareholder disapproves of the terms of any
such underwriting, such Shareholder may elect to withdraw therefrom by written
notice to quepasa and the underwriter, delivered at least ten business days
prior to the effective date of the registration statement. Any Registrable
Securities excluded or withdrawn from such underwriting shall be excluded and
withdrawn from the registration.

     2.2 Obligations of quepasa. Whenever required to effect the registration of
any Registrable Securities pursuant to Section 2.1 herein, quepasa shall, as
expeditiously as reasonably possible:

         (a) Prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement;

         (b) Furnish to the Shareholders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable Securities owned by them;

         (c) Use its best efforts to register and qualify the securities covered
by such registration statement under such other securities or Blue Sky laws of
such jurisdictions as shall be reasonably requested by the Shareholders;
provided that quepasa shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions;

         (d) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter(s) of such offering. Each Shareholder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement;

         (e) Notify each Shareholder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;
and

         (f) Use its best efforts to furnish, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are
being sold through underwriters, (i) an opinion, dated as of such date, of the
counsel representing quepasa for the purposes of such

                                       3
<PAGE>   4
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and (ii)
a letter dated as of such date, from the independent certified public
accountants of quepasa, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering addressed to the underwriters.

     2.4 Expenses of Registration. Quepasa shall pay all Registration Expenses,
except the Shareholders shall bear all Selling Expenses attributable to their
Registrable Securities being registered and fees of their counsel.

3.   INDEMNIFICATION

     3.1 To the extent permitted by law, quepasa will indemnify and hold
harmless each Shareholder, any underwriter (as defined in the Securities Act)
for such Shareholder and each person, if any, who controls such Shareholder or
underwriter within the meaning of the Securities Act or the Exchange Act,
against any losses, claims, damages, or liabilities (joint or several) to which
they may become subject under the Securities Act, the Exchange Act or other
federal or state law, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a "Violation") by quepasa: (i)
any untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by quepasa of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law in
connection with the offering covered by such registration statement; and quepasa
will pay to each such Shareholder, underwriter or controlling person for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided however, that the indemnity agreement contained in this Section 3.1
shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of
quepasa, which consent shall not be unreasonably withheld, nor shall quepasa be
liable in any such case for any such loss, claim, damage, liability or action to
the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by such Shareholder, underwriter or
controlling person of such Shareholder or from such Shareholder's failure to
deliver, at the time required by the Securities Act, a final or amended
prospectus that corrects any actual or alleged untrue statement or omission
contained in any preliminary prospectus or prior prospectus if such Shareholder
previously has been provided such final or amended prospectus in accordance with
Section 2.3.

     3.2 To the extent permitted by law, each Shareholder will, if Registrable
Securities held by such Shareholder are included in the securities as to which
such registration qualifications or compliance is being effected, indemnify and
hold harmless quepasa, each of its directors, its officers and each person, if
any, who controls quepasa within the meaning of the Securities Act, any
underwriter and any other Shareholder selling securities under such registration
statement or any of such other Shareholder's partners, directors or officers or
any

                                       4
<PAGE>   5
person who controls such Shareholder, against any losses, claims, damages or
liabilities (joint or several) to which quepasa or any such director, officer,
controlling person, underwriter or other such Shareholder, or controlling person
of such other Shareholder may become subject under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereto) arise out of or are based
upon any Violation, in each case to the extent (and only to the extent) that
such Violation occurs in reliance upon and in strict conformity with written
information furnished by such Shareholder under an instrument duly executed by
such Shareholder and stated to be specifically for use in connection with such
registration; and each such Shareholder will pay any legal or other expenses
reasonably incurred by quepasa or any such director, officer, controlling
person, underwriter or other Shareholder, or partner, officer, director or
controlling person of such other Shareholder in connection with investigating or
defending any such loss, claim, damage, liability or action if it is judicially
determined that there was such a Violation; provided, however, that the
indemnity agreement contained in this Section 3.2 shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Shareholder, which consent
shall not be unreasonably withheld; and provided further, that in no event shall
any indemnity under this Section 3 exceed the net proceeds from the offering
received by such Shareholder.

     3.3 Promptly after receipt by an indemnified party under this Section 3 of
notice of the commencement of any action (including any governmental action),
such indemnified party will, if a claim in respect thereof is to be made against
any indemnifying party under this Section 3, deliver to the indemnifying party a
written notice of the commencement thereof and the indemnifying party shall have
the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume
the defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party shall have the right to retain its own
counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if materially prejudicial to its ability to defend such action, shall
relieve such indemnifying party of liability to the indemnified party under this
Section 3 but only to the extent such failure is materially prejudicial to its
ability to defend such action, but the omission so to deliver written notice to
the indemnifying party will not relieve it of any liability that it may have to
any indemnified party otherwise than under this Section 3.

     3.4 If the indemnification provided for in this Section 3 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any losses, claims, damages or liabilities referred to herein, the
indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall to the extent permitted by applicable law contribute to the amount paid or
payable by such indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other
in connection with the Violation(s) that resulted in such loss, claim, damage or
liability, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined
by a court of law by reference to, among other things, whether the untrue or
alleged

                                       5
<PAGE>   6
untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified
party and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission; provided, that in
no event shall any contribution by a Shareholder hereunder exceed the net
proceeds from the offering received by such Shareholder.

     3.5 The obligations of quepasa and Shareholders under this Section 3 shall
survive completion of any offering of Registrable Securities in a registration
statement and the termination of this agreement. No indemnifying party, in the
defense of any such claim or litigation, shall, except with the consent of each
indemnified party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

4.   ASSIGNMENT OF REGISTRATION RIGHTS.

     The rights to cause quepasa to register Registrable Securities pursuant to
this Agreement may be assigned by a Shareholder to a transferee or assignee of
Registrable Securities which is a Shareholder's family member or trust or other
entity controlled by or formed for the benefit of an individual Shareholder or
family; provided, however, (i) the transferor shall, within ten days after such
transfer, furnish to quepasa written notice of the name and address of such
transferee or assignee and the securities with respect to which such
registration rights are being assigned and (ii) such transferee shall agree to
be subject to all restrictions set forth in this Agreement.

5.   RULE 144 REPORTING

     With a view to making available to the Shareholders the benefits of certain
rules and regulations of the SEC which may permit the sale of the Registrable
Securities to the public without registration, quepasa agrees to use its best
efforts to:

         (a) Make and keep public information available, as those terms are
understood and defined in SEC Rule 144 or any similar or analogous rule
promulgated under the Securities Act;

         (b) File with the SEC, in a timely manner, all reports and other
documents required of quepasa under the Exchange Act; and

         (c) So long as a Shareholder owns any Registrable Securities, furnish
to such Shareholder forthwith upon request: (i) a written statement by quepasa
as to its compliance with the reporting requirements of Rule 144 of the
Securities Act and of the Exchange Act; (ii) a copy of the most recent annual or
quarterly report of quepasa; and (iii) such other reports and documents as a
Shareholder may reasonably request in availing itself of any rule or regulation
of the SEC allowing it to sell any such securities without registration.

6.   MISCELLANEOUS

     6.1 No Waiver; Cumulative Remedies. No failure or delay on the part of any
party to this Agreement in exercising any right, power or remedy hereunder shall
operate as a waiver

                                       6
<PAGE>   7
thereof; nor shall any single or partial exercise of any such right, power or
remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy hereunder. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

     6.2 Amendments and Waivers. Except as hereinafter provided, amendments to
this Agreement shall require and shall be effective upon receipt of the written
consent of quepasa and the Shareholders of at least a majority in interest of
the Registrable Securities. Except as hereinafter provided, compliance with any
covenant or provision set forth herein may be waived upon written consent by the
party or parties whose rights are being waived; provided, however, that the
rights of Shareholders of Registrable Securities can be waived only upon the
written consent of a majority in interest of the Registrable Securities then
held by the Shareholders. Notwithstanding the foregoing, no waivers or
amendments shall be effective to reduce the percentage in interest of the
Registrable Securities then held by the Shareholders required under this
Section. Any waiver or amendments may be given subject to satisfaction of
conditions stated therein and any waiver or amendments shall be effective only
in the specific instance and for the specific purpose for which given.

     6.3 Notices.

     As the terms "notice" or "notices" are used herein as between the parties,
such term shall mean a written document, explaining in reason for the notice,
and the same shall be mailed by United States Postal Service Via Certified Mail,
Return Receipt Requested, or by recognized overnight courier service, addressed
as follows:

    If to quepasa:                    quepasa.com, inc.
                                      400 East Van Buren, 4th Floor
                                      Phoenix, Arizona  85004
                                      FAX:  602-716-0200
                                      Attn:  Gary Trujillo

    With a copy to (which copy
    shall not constitute notice):     Brownstein, Hyatt & Farber, P.C.
                                      410 17th Street, 22nd Floor
                                      Denver, Colorado 80202
                                      FAX:  303-223-1111
                                      Attn:  Jeffrey Knetsch

    If to Century:                    Century Finance USA, Inc.
                                      1650 Hotel Circle North, Suite 215
                                      San Diego, California 92108
                                      FAX:  619-209-4755
                                      Attn:  [_________]

                                       7
<PAGE>   8
    With a copy to (which copy
    shall not constitute notice):     Sheppard, Mullin, Richter & Hampton, LLP
                                      501 West Broadway
                                      San Diego, CA 92101
                                      FAX:  619-234-3815
                                      Attn:  Amy Tranckino

    If to Gary Acosta:                Gary Acosta
                                      c/o Century Finance USA, LLC
                                      1650 Hotel Circle North, Suite 215
                                      San Diego, California 92108
                                      FAX:  619-209-4755

    With a copy to (which copy
    shall not constitute notice):     Sheppard, Mullin, Richter & Hampton, LLP
                                      501 West Broadway
                                      San Diego, CA 92101
                                      FAX:  619-234-3815
                                      Attn:  Amy Tranckino

    If to John Beneventi:             John Beneventi
                                      c/o Century Finance USA, LLC
                                      1650 Hotel Circle North, Suite 215
                                      San Diego, California 92108
                                      FAX:  619-209-4755

    With a copy to (which copy
    shall not constitute notice):     Sheppard, Mullin, Richter & Hampton, LLP
                                      501 West Broadway
                                      San Diego, CA 92101
                                      FAX:  619-234-3815
                                      Attn:  Amy Tranckino

Such notice shall be deemed to have been given on the date placed in the U.S.
Mails or delivered to the overnight courier service, whether actually received
by the addressee or not. The parties may from time to time amend the above
addresses and names by written notice given the other party.

     6.4 Termination. This Agreement shall terminate with respect to any holder
of Registrable Securities on the earlier of the date that all of such holder's
Registrable Securities (a) have been sold pursuant to a registration statement
under the Securities Act or (b) may immediately be sold by such Holder pursuant
to Rule 144 under the Securities Act during any 90 day period; provided,
however, that this Agreement shall not terminate if any shares are subject to
any then-effective registration rights pursuant to Section 2 hereof.

     6.5 Binding Effect; Assignment. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,
successors and permitted assigns,

                                       8
<PAGE>   9
except that quepasa shall not have the right to delegate its obligations
hereunder or to assign its rights hereunder.

     6.6 Prior Agreements. This Agreement constitutes the entire agreement
between the parties and supersedes any prior understandings or agreements
concerning the subject matter hereof.

     6.7 Severability. The provisions of this Agreement are severable and, in
the event that any court of competent jurisdiction shall determine that any one
or more of the provisions or part of a provision contained in this Agreement,
shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision or part of a provision of this Agreement, but this Agreement
shall be reformed and construed as if such invalid or illegal or unenforceable
provision, or part of a provision, had never been contained herein, and such
provisions or part reformed so that it would be valid, legal and enforceable to
the maximum extent possible.

     6.8 Governing Law. This Agreement shall be governed by and construed in
accordance with the substantive laws of the State of Arizona.

     6.9 Headings. Article, section and subsection headings in this Agreement
are included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

     6.10 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing
any such counterpart.

     6.11 Further Assurances. From and after the date of this Agreement, upon
the request of any party hereto, the other parties shall execute and deliver
such instruments, documents and other writings as may be reasonably necessary or
desirable to confirm and carry out and to effectuate fully the intent and
purposes of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       9
<PAGE>   10
         IN WITNESS WHEREOF, the undersigned have executed this Registration
Rights Agreement as of the day and year first above written.

                                               QUEPASA.COM, INC.

                                               By:      /s/ Gary Trujillo
                                               Title:

                                               CENTURY FINANCE USA, INC. d/b/a
                                               REALESTATEESPANOL.COM, INC.

                                               By:      [signature not required]
                                               Title:

                                               GARY ACOSTA

                                               /s/ Gary Acosta

                                               JOHN BENEVENTI

                                               /s/ John Beneventi

                                       10

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