Document:

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                                                                   Exhibit 10.04
                                    GUARANTY

               GUARANTY dated as of October 11, 2001 by FIRST REALTY
INVESTMENTS, INC., a Nevada corporation (the "Guarantor"), in favor of
QUEPASA.COM, INC., a Nevada corporation (the "Lender"), and its successors and
permitted assigns.

          A.   Simultaneously herewith Great Western Land and Recreation, Inc.,
a Delaware corporation (the "Borrower"), has borrowed $500,000 from the Lender
and delivered a Promissory Note (the "Note"; capitalized terms used herein and
not defined shall have their meaning given them in the Note) to the Lender,
pursuant to which the Borrower promises to pay the Lender $500,000 plus interest
thereon pursuant to the terms thereof.

          B.   The Guarantor is an affiliate of the Borrower and will receive
substantial benefits from the loans made pursuant to the Note. In addition, as
additional consideration for the Guarantor entering into this Guaranty, the
Borrower is forgiving certain indebtedness owing from the Guarantor to the
Borrower.

               NOW, THEREFORE, in order to induce the Lender to make the loans
pursuant to the Note and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Guarantor hereby agrees as
follows:

          1.   GUARANTY OF GUARANTEED OBLIGATIONS OF BORROWER. Subject to
Section 5, the Guarantor hereby unconditionally guarantees to the Lender, and
its respective successors, endorsees, transferees and assigns, the prompt
payment (whether at stated maturity, by acceleration or otherwise) and
performance of the Obligations and other covenants of Borrower under the Note
(collectively, the "Guaranteed Obligations"). The Guarantor agrees that this
Guaranty is a guaranty of payment and performance and not of collection, and
that its obligations under this Guaranty shall be primary, absolute and
unconditional, irrespective of, and unaffected by:

               (a)  the genuineness, validity, regularity, enforceability or any
future amendment of, or change in this Guaranty, the Note, the Pledge Agreement
or any other agreement, document or instrument to which the Borrower and/or the
Guarantor is or may become a party;

               (b)  the absence of any action to enforce this Guaranty, , the
Note or the Pledge Agreement or the waiver or consent by the Lender with respect
to any of the provisions thereof;

               (c)  the insolvency of the Borrower and/or the Guarantor; or

               (d)  any other action or circumstances which might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor,

          it being agreed by the Guarantor that its obligations under this
Guaranty shall not be discharged until the Lender gives written notice, not to
be unreasonably withheld, to the Guarantor

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that all of the Guaranteed Obligations have been indefeasibly paid in full or
otherwise discharged. The Guarantor shall be regarded, and shall be in the same
position, as principal debtor with respect to the Guaranteed Obligations. The
Guarantor agrees that any notice or directive given at any time to the Lender
which is inconsistent with the waiver in this Section 1 shall be null and void
and may be ignored by the Lender, and, in addition, may not be pleaded or
introduced as evidence in any litigation relating to this Guaranty for the
reason that such pleading or introduction would be at variance with the written
terms of this Guaranty, unless the Lender has specifically agreed otherwise in
writing. It is agreed among the Guarantor and the Lender that the foregoing
waivers are of the essence of the transaction contemplated by the Note and the
Pledge Agreement and that, but for this Guaranty and such waivers, the Lender
would decline to enter into the Note and the Pledge Agreement.

          2.   DEMAND BY THE LENDER. Subject to Sections 5 and 15, in addition
to the terms of the Guaranty set forth in Section 1 hereof, and in no manner
imposing any limitation on such terms, it is expressly understood and agreed
that, if, at any time, an Event of Default under the Note has occurred and is
continuing, then the Guarantor shall, without demand, pay to the Lender the
outstanding amount due and owing to the Lender. Payment by the Guarantor shall
be made in immediately available funds to an account, designated by the Lender
or at the address set forth herein for the giving of notice to the Lender or at
any other address that may be specified in writing from time to time by the
Lender, and shall be credited and applied to the Guaranteed Obligations.

          3.   ENFORCEMENT OF GUARANTY. In no event shall the Lender have any
obligation (although it is entitled, at its option) to proceed against the
Borrower before seeking satisfaction from the Guarantor.

          4.   WAIVER. In addition to the waivers contained in Section 1 hereof,
the Guarantor to the fullest extent permitted by law waives and agrees that it
shall not at any time insist upon, plead or in any manner whatever claim or take
the benefit or advantage of, any appraisal, valuation, stay, extension,
marshaling of assets or redemption or similar laws, or exemption, whether now or
at any time hereafter in force, which may delay, prevent or otherwise affect the
performance by the Guarantor of its Guaranteed Obligations under, or the
enforcement by the Lender of, this Guaranty. The Guarantor hereby to the fullest
extent permitted by law waives diligence, presentment and demand (whether for
non-payment or protest or of acceptance, maturity, extension of time, change in
nature or form of the Guaranteed Obligations, acceptance of further security,
release of further security, composition or agreement arrived at as to the
amount of, or the terms of, the Guaranteed Obligations, notice of adverse change
in the Borrower's financial condition or any other fact which might increase the
risk to the Guarantor) with respect to any of the Guaranteed Obligations or all
other demands whatsoever and waives the benefit of all provisions of law which
are or might be in conflict with the terms of this Guaranty. The Guarantor
represents, warrants and agrees that, as of the date of this Guaranty, its
obligations under this Guaranty are not subject to any offsets or defenses
against the Lender of any kind. The Guarantor further agrees that its
obligations under this Guaranty shall not be subject to any counterclaims,
offsets or defenses of any kind which may arise in the future against the Lender
or its affiliates.

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          5.   LIMITATIONS ON ENFORCEABILITY OF GUARANTY. Notwithstanding
anything to the contrary, this Guaranty shall only be enforceable against the
Guarantor if there is an Event of Default under the Note and Lender's right to
enforce the Borrower's obligations shall be limited to the collateral pledged
pursuant to the Pledge Agreement executed by the Guarantor in favor of the
Lender of even date herewith.

          6.   AMENDMENTS, ETC. No amendment or waiver of any provision of this
Guaranty, and no consent to any departure by the Guarantor herefrom, shall in
any event be effective unless the same shall be in writing and signed by the
Lender.

          7.   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 Pledgor, 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

               if to Lender, to:

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

                                   with copies to:

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                                   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 7.

          8.   NO WAIVER; REMEDIES. No failure on the part of the Lender to
exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

          9.   CONTINUING GUARANTY. This Guaranty is a continuing guaranty and
shall (a) remain in full force and effect until the later of payment in full of
the Guaranteed Obligations and all other amounts payable under this Guaranty,
(b) be binding upon the Guarantor, its successors and assigns, and (c) inure to
the benefit of and be enforceable by the Lender and its successors and permitted
assigns. Notwithstanding the foregoing, the Guarantor may not assign its
obligations hereunder without the prior written consent of the Lender.

          10.  GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF ARIZONA, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE
STATE OF NEVADA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF
THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF ARIZONA.

          11.  SEVERABILITY. Whenever possible, each provision of this Guaranty
will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Guaranty is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction but this Guaranty will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

          12.  COUNTERPARTS. This Guaranty may be executed by the parties hereto
in separate counterparts, each of which when so executed and delivered shall be
an original, but all such counterparts shall together constitute one and the
same instrument.

          13.  ATTORNEYS' FEES. In the event that any dispute among the parties
to this Agreement should result in litigation, the prevailing party in such
dispute shall be entitled to recover from the losing party all fees, costs and
expenses of enforcing any right of such prevailing party under or with respect
to this Agreement, including without limitation, such reasonable fees and
expenses of

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attorneys and accountants, which shall include, without limitation, all fees,
costs and expenses of appeals.

          14.  WAIVER OF JURY TRIAL. Each party hereto hereby waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by
jury in respect of any litigation directly or indirectly arising out of, under
or in connection with this Agreement or any of the Note or the Pledge Agreement.
Each party hereto (i) certifies that no representative, agent or attorney of any
other party has represented, expressly or otherwise, that such other party would
not, in the event of litigation, seek to enforce the foregoing waiver and (ii)
acknowledges that it and the other parties hereto have been induced to enter
into this Agreement, the Note and the Pledge Agreement, as applicable, by, among
other things, the mutual waivers and certifications in this Section.

                                    * * * * *

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          IN WITNESS WHEREOF, the Guarantor has executed this Guaranty as of the
date first above written.

                                           FIRST REALTY INVESTMENTS, INC.

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

Accepted and Agreed to:

QUEPASA.COM, INC.

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

                          [SIGNATURE PAGE TO GUARANTY]<Page>
                                                                   Exhibit 10.05
                                PLEDGE AGREEMENT

      PLEDGE AGREEMENT dated as of October 11, 2001 between FIRST REALTY
INVESTMENTS, INC., a Nevada corporation (the "PLEDGOR"), and QUEPASA.COM, INC.,
a Delaware corporation (the "LENDER").

      The Pledgor has simultaneously herewith executed and delivered a guaranty
(the "GUARANTY") to the Lender in connection with the loan (the "LOAN") in the
amount of $500,000 to Great Western Land and Recreation, Inc., a Delaware
corporation (the "BORROWER"), from the Lender evidenced by a promissory note
dated as of the date hereof (the "NOTE"). The obligation of the Lender to make
the Loan to the Pledgor is conditioned on, among other things, the execution and
delivery by the Pledgor of this pledge agreement ("PLEDGE AGREEMENT") in the
form hereof to secure the due and punctual payment by the Pledgor of (a) all
amounts due under the Note, when and as due, whether at maturity, by
acceleration, or otherwise; and (b) all other obligations of the Pledgor to the
Lender under the Note (all of the foregoing obligations being collectively
called the "OBLIGATIONS"). Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Note.

1.    PLEDGE. As security for the timely payment and performance in full of the
      Obligations, the Pledgor hereby pledges and grants to the Lender a
      security interest in (a) the membership interest and the certificates
      representing or evidencing all such interest of the Pledgor in Laguna
      Investments, L.L.C., an Arizona limited liability company (the "PLEDGED
      INTEREST") (b) all payments of principal or interest, distributions,
      dividends, cash, instruments and other property from time to time
      received, receivable or otherwise distributed in respect of, in exchange
      for or upon the conversion of the Pledged Interest; (c) except as provided
      in Section 5, all rights and privileges of the Pledgor with respect to the
      Pledged Interest; and (d) all proceeds of any of the foregoing (the items
      referred to in clauses (a) through (d) being collectively called the
      "COLLATERAL"). Upon delivery to the Lender, any stock certificates, notes
      or other securities or instruments now or hereafter included in the
      Collateral (the "PLEDGED SECURITIES") shall be duly endorsed and delivered
      to the Lender or accompanied by stock powers duly executed in blank or
      other instruments of transfer satisfactory to the Lender and by such other
      instruments and documents as the Lender may reasonably request, and all
      other property comprising part of the Collateral shall be accompanied by
      proper instruments of assignment duly executed by the Pledgor and such
      other instruments or documents as the Lender may reasonably request. Each
      delivery of Pledged Securities shall be accompanied by a schedule
      describing the securities theretofore and then being pledged hereunder,
      which schedule shall be attached hereto as SCHEDULE A and made a part
      hereof. Each schedule so delivered shall supersede any prior schedules so
      delivered.

2.    DELIVERY OF THE COLLATERAL, FURTHER ASSURANCES. The Pledgor agrees to
      promptly deliver or cause to be delivered to the Lender any and all
      Pledged Securities, and any and all certificates or other instruments or
      documents representing the Collateral. At any time and from time to time,
      upon the written request of the Lender, and at the sole expense of

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      the Pledgor, the Pledgor will promptly and duly execute and deliver any
      and all such further documents and take such further action as the Lender
      may reasonably deem desirable in obtaining the full benefits of this
      Pledge Agreement and of the rights and powers herein granted, including,
      without limitation, the filing of any financing or continuation statements
      under the Uniform Commercial Code in effect in any jurisdiction with
      respect to the security interests granted hereby, or providing any other
      necessary documentation thereof to the Lender in order to secure "control"
      of the securities, as such term is used and defined in the Uniform
      Commercial Code.

3.    REPRESENTATIONS AND WARRANTIES. The Pledgor hereby represents, warrants
      and covenants to and with the Lender that:

                         (a)     Except for the security interest granted
      hereunder, the Pledgor (i) is and will at all times continue to be the
      direct owner, beneficially and of record, of the Pledged Securities; (ii)
      holds the same free and clear of all liens, charges or other encumbrances
      ("LIENS"); (iii) will make no assignment, pledge, hypothecation or
      transfer of, or create any security interest in, the Collateral; and (iv)
      will cause any and all certificates, instruments or other documents
      representing or evidencing Collateral to be forthwith deposited with the
      Lender and pledged or assigned thereunder;

                         (b)     By virtue of the execution and delivery by the
      Pledgor of this Pledge Agreement, and when the Pledged Securities,
      certificates, instruments or other documents representing or evidencing
      the Collateral are delivered to the Lender in accordance with this Pledge
      Agreement, the Lender will obtain a valid, legal and perfected first
      priority lien upon and security interest in such Pledged Securities as
      security for the repayment of the Obligations, free and clear of all
      Liens; and

                         (c)     The pledge effected hereby is effective to vest
      in the Lender the rights of the Lender in the Collateral and Pledged
      Securities as set forth herein.

                         (d)     NO CONFLICTS. The execution and delivery of
      the Guaranty and this Pledge Agreement 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 formation or operating
      agreement or any other organization and governance documents of the
      Guarantor or Laguna Investments, L.L.C., (b) any statute, rule,
      regulation, order or decree of any public body or authority applicable to
      Pledgor or Laguna Investments, L.L.C. or by which Borrower or its assets
      are bound or (c) any contract instrument or other agreement to which
      Pledgor or Laguna Investments, L.L.C. is a party or by which Pledgor or
      Laguna Investments, L.L.C. or their respective assets are bound, or (ii)
      result in the creation of any encumbrance on any of the Pledgor's or
      Laguna Investments, L.L.C.'s assets or any equity interests in Pledgor or
      Laguna Investments, L.L.C., other the security interests created by this
      Pledge Agreement and the Guaranty.

                         (e)     The Pledged Interest represents a 100%
      ownership interest in Laguna Investments, L.L.C., which owns a 25%
      interest in the Laguna Apartments condominium complex in Glendale,
      Arizona.
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4.    REGISTRATION IN NOMINEE NAME; DENOMINATIONS. The Lender shall have the
      right (in its sole and absolute discretion) to hold the Pledged Securities
      in its own name, the name of its nominee or the name of the Pledgor,
      endorsed or assigned in blank or in favor of the Lender. The Pledgor will
      promptly give to the Lender copies of any notices or other communications
      received by it with respect to Pledged Securities registered in the name
      of the Pledgor. The Lender shall at all times have the right to exchange
      the certificates representing Pledged Securities for certificates of
      smaller or larger denominations for any purposes consistent with this
      Pledge Agreement.

5.    VOTING RIGHTS; DIVIDENDS AND INTEREST; ETC.

                         (a)     Unless and until an Event of Default shall have
      occurred and be continuing:

                                 (i)     The Pledgor shall be entitled to
      exercise any and all voting rights accruing to it as the owner of Pledged
      Securities for any purpose consistent with the terms of this Pledge
      Agreement and the Note as long as such exercise of rights could not
      reasonably be expected to adversely affect the rights and remedies of the
      Lender or the ability of the Lender to exercise the same.

                                 (ii)    Any and all dividends and distributions
      made on or in respect of Pledged Securities, whether paid or payable in
      cash, securities or other property and, whether resulting from a
      subdivision, combination or reclassification of the outstanding membership
      interest of the issuer of any Pledged Securities or received in exchange
      for or in redemption of Pledged Securities or any part thereof, or as a
      result of any merger, consolidation, acquisition or other exchange of
      assets to which such issuer may be a party or otherwise, shall be and
      become part of the Collateral and, if received by the Pledgor, shall not
      be commingled by the Pledgor with any of its other funds or property but
      shall be held separate and apart therefrom in trust for the benefit of the
      Lender and shall be delivered to the Lender in the same form as so
      received (with any necessary endorsement).

                         (b)     All dividends and distributions which are
      received by the Pledgor shall be received in trust for the benefit of the
      Lender, shall be segregated from other property or funds of the Pledgor
      and shall be immediately delivered to the Lender in the same form as so
      received (with any necessary endorsement). Any and all money and other
      property paid over to or received by the Lender pursuant to the provisions
      of this Section 5(b) shall be deposited by the Lender in an account to be
      established by the Lender upon receipt of such money or other property.

                         (c)     Upon the occurrence and during the continuance
      of an Event of Default, all rights of the Pledgor to exercise the voting
      rights which it is entitled to exercise pursuant to Section 5(a)(i) shall
      cease, and all such rights shall thereupon become vested in the Lender,
      which shall have the sole and exclusive right (but not the obligation) and
      authority to exercise such voting rights. The Pledgor shall execute and
      deliver to the Lender, all such proxies, powers of attorney, and other
      instruments as the

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      Lender shall request for the purpose of enabling the Lender to exercise
      the voting rights which it is entitled to exercise pursuant to this
      Section 5(c) during the continuance of such Event of Default.

6.    REMEDIES UPON DEFAULT. Upon the occurrence and during the continuance of
      an Event of Default, whether or not all of the Obligations shall have
      become due and payable, in addition to its rights under the Note:

                         (a)     The Lender shall have all of the rights and
      remedies with respect to the Collateral of a secured party under the
      Uniform Commercial Code as in effect in the State of Arizona and such
      additional rights and remedies to which a secured party is entitled under
      the laws in effect in any jurisdiction where any rights and remedies
      hereunder may be asserted, including without limitation the right, to
      maximum extent permitted by law, to become the owner of the collateral and
      to exercise all voting, consensual and other powers of ownership
      pertaining to the Collateral as if the Lender were the sole and absolute
      owner thereof (and the Pledgor agrees to take all such action as may be
      appropriate to give effect to such right);

                         (b)     The Lender in its discretion may, in its name
      or in the name of the Pledgor or otherwise, demand, sue for, collect or
      receive any money or property at any time payable or receivable on account
      of or in exchange for any of the Collateral, but shall be under no
      obligation to do so; and

                         (c)     The Lender may, with respect to the Collateral
      or any part thereof which shall then be or shall thereafter come into the
      possession, custody or control of the Lender, sell, lease, assign or
      otherwise dispose of all or part of such Collateral, at such place or
      places or to such person or persons as the Lender deems best, and for cash
      or for credit or for future delivery (without thereby assuming any credit
      risk).

                         The Pledgor recognizes that, by reason of certain
      prohibitions contained in the Securities Act of 1933, as amended, and
      applicable state securities laws, the Lender may be compelled, with
      respect to any sale of all or any part of the Collateral, to limit
      purchasers to those who will agree, among other things, to acquire the
      Collateral for their own account, for investment and not with a view to
      the distribution or resale thereof. The Pledgor acknowledges that any such
      private sales may be at prices and on terms less favorable to the Lender
      than those obtainable through a public sale without such restrictions,
      and, notwithstanding such circumstances, agrees that any such private sale
      shall be deemed to have been made in a commercially reasonable manner and
      that the Lender shall have no obligation to engage in public sales and no
      obligation to delay the sale of any Collateral for the period of time
      necessary to permit the Pledgor to register such Collateral for public
      sale.

7.    RIGHTS OF LENDER. If an Event of Default shall occur, the Lender shall
      have the right to receive any and all cash dividends or distributions paid
      in respect of the Pledged Securities and make application thereof to the
      Loan, in such order as Lender, in its sole discretion, may elect. If an
      Event of Default shall occur, then all such Pledged Securities

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      at Lender's option shall be registered in the name of Lender or its
      nominee, and Lender or its nominee may thereafter exercise (i) all voting,
      and all limited liability company and other rights pertaining to the
      Pledged Securities and (ii) any and all rights of conversion, exchange,
      and subscription and any other rights, privileges or options pertaining to
      such Pledged Securities as if it were the absolute owner thereof
      (including, without limitation, the right to exchange at its discretion
      any and all of the Pledged Securities upon the merger, consolidation,
      reorganization, recapitalization or other fundamental change in the
      organizational structure of the Pledgor or upon the exercise by the Lender
      of any right, privilege or option pertaining to such Pledged Securities,
      and in connection therewith, the right to deposit and deliver any and all
      of the Pledged Securities with any committee, depository, transfer agent,
      registrar or other designated agency upon such terms and conditions as it
      may determine), all without liability except to account for property
      actually received by it, but the Lender shall have no duty to exercise any
      such right, privilege or option and shall not be responsible for any
      failure to do so or delay in so doing.

8.    REIMBURSEMENT OF LENDER. The Pledgor hereby agrees to reimburse the
      Lender, on demand and to the extent of the Pledged Securities, for all
      expenses incurred by the Lender in connection with the administration and
      enforcement of this Pledge Agreement and agrees to indemnify the Lender
      and hold the Lender harmless from and against any and all liability
      incurred by the Lender hereunder or in connection herewith, unless such
      liability shall have been determined by a final, non-appealable order of a
      court of competent jurisdiction to have resulted solely from willful
      misconduct or gross negligence on the part of the Lender.

9.    LENDER APPOINTED ATTORNEY-IN-FACT. Except as otherwise provided herein,
      the Pledgor hereby appoints the Lender the attorney-in-fact of the Pledgor
      for the purposes of carrying out the provisions of this Pledge Agreement
      or taking any action or executing any instrument that the Lender may deem
      necessary or advisable to accomplish the purposes hereof, which
      appointment is irrevocable and coupled with an interest. Without limiting
      the generality of the foregoing, the Lender shall have the right, upon the
      occurrence and during the continuance of an Event of Default, with full
      power of substitution either in the Lender's name or in the name of the
      Pledgor, to ask for, demand, sue for, collect, receive and give
      acquittance for any and all monies due or to become due under or by virtue
      of any Collateral, to endorse checks, drafts, orders and other instruments
      for the payment of money payable to the Pledgor constituting Collateral or
      any part thereof or on account thereof and to give full discharge for the
      same, to settle, compromise, prosecute or defend any action, claim or
      proceeding with respect thereto, and to sell, assign, endorse, pledge,
      transfer and make any agreement respecting, or otherwise deal with, the
      same; provided, however, that nothing herein contained shall be construed
      as requiring or obligating the Lender to make any commitment or to make
      any inquiry as to the nature or sufficiency of any payment received by the
      Lender, or to present or file any claim or notice, or to take any action
      with respect to

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      the Collateral or any part thereof or the monies due or to become due in
      respect thereof or any property covered thereby, and no action taken by
      the Lender or omitted to be taken with respect to the Collateral or any
      part thereof shall give rise to any defense, counterclaim or offset in
      favor of any of the Pledgor or to any claim or action against the Lender.

10.   NO WAIVER. No failure on the part of the Lender to exercise, and no delay
      in exercising, any right, power or remedy hereunder shall operate as a
      waiver thereof, nor shall any single or partial exercise of any such
      right, power or remedy by the Lender preclude any other or further
      exercise thereof or the exercise of any other right, power or remedy. All
      remedies hereunder are cumulative and are not exclusive of any other
      remedies provided by law. The Lender shall not be deemed to have waived
      any rights hereunder or under any other agreement or instrument unless
      such waiver shall be in writing and signed by such parties.

11.   SECURITY INTEREST ABSOLUTE. All rights of the Lender hereunder, the grant
      of a security interest in the Collateral and all obligations of the
      Pledgor hereunder shall be absolute and unconditional irrespective of (a)
      any lack of validity or enforceability of the Note or this Pledge
      Agreement, any agreement with respect to any of the Obligations or any
      other agreement or instrument relating to any of the foregoing; (b) any
      change in the time, manner or place of payment of, or in any other term
      of, all or any of the Obligations, or any other amendment or waiver of or
      any consent to any departure from the Note or this Pledge Agreement; (c)
      any exchange, release, amendment or waiver of, or consent to or departure
      from, any guaranty for all or any of the Obligations; or (d) any other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, the Pledgor in respect of the Obligations or in respect of
      this Pledge Agreement.

12.   TERMINATION. This Pledge Agreement shall terminate when all the
      Obligations have been fully and indefeasibly paid, at which time the
      Lender shall reassign and deliver to the Pledgor, or to such person or
      persons as the Pledgor shall designate, against receipt therefor, such of
      the Collateral (if any) as shall not have been sold or otherwise applied
      by the Lender pursuant to the terms hereof and shall still be held by it
      hereunder, together with appropriate instruments of reassignment and
      release. Any such reassignment shall be without recourse to or warranty by
      the Lender and at the expense of the Pledgor.

13.   NOTICES. All communications and notices hereunder shall be in writing and
      given as provided in the Note.

14.   FURTHER ASSURANCES. The Pledgor agrees to do such further acts and things,
      and to execute and deliver such additional conveyances, assignments,
      agreements and instruments, as the Lender may at any time request in
      connection with the administration and enforcement of this Pledge
      Agreement, with respect to the Collateral or any part thereof or in order
      better to assure and confirm unto the Lender its rights and remedies
      hereunder.

15.   WAIVER OF STATUTORY REMEDIES. The Pledgor hereby waives all rights of
      valuation of the Pledged Securities and all rights it now has or may
      hereafter have to any amounts that, following any forfeiture of the
      Pledged Securities in accordance with this Pledge Agreement (including,
      without limitation, application of the Pledged Securities to the

                                       6
<Page>

      Loan and forfeiture or liquidation of the Pledged Securities), may exceed
      the then outstanding value of the Obligations.

16.   BINDING AGREEMENT; ASSIGNMENTS. This Pledge Agreement, and the terms,
      covenants and conditions hereof, shall be binding upon and inure to the
      benefit of the parties hereto and their respective heirs, administrators,
      successors and assigns, except that without the written consent of the
      Lender, the Pledgor shall not be permitted to assign this Pledge Agreement
      or any interest herein or in the Collateral or any part thereof, or
      otherwise transfer, pledge, encumber or grant any option with respect to
      the Collateral or any part thereof.

17.   SURVIVAL OF AGREEMENT; SEVERABILITY. All covenants and agreements made by
      the Pledgor herein and in the certificates or other instruments prepared
      or delivered in connection with this Pledge Agreement shall be considered
      to have been relied upon by the Lender, the Lender and shall survive the
      making by the Lender of the Loan, the execution and delivery to the Lender
      of the Note, and shall continue in full force and effect as long as any
      amount under the Loan or any guaranty of the of the Loan remains unpaid.

18.   SEVERABILITY. Whenever possible, each provision of this Pledge Agreement
      will be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this Pledge Agreement is held to
      be invalid, illegal or unenforceable in any respect under any applicable
      law or rule in any jurisdiction, such invalidity, illegality or
      unenforceability will not affect any other provision or any other
      jurisdiction, but this Pledge Agreement will be reformed, construed and
      enforced in such jurisdiction as if such invalid, illegal or unenforceable
      provision had never been contained herein.

19.   ENTIRE AGREEMENT. The Note, the Guaranty and this Pledge Agreement and any
      other documents delivered pursuant hereto and thereto shall embody the
      complete agreement and understanding between the parties with respect to
      the subject matter hereof and supersede and preempt any prior
      understandings, agreements or representations by or between the parties,
      written or oral, which may have related to the subject matter hereof in
      any way.

20.   COUNTERPARTS. This Pledge Agreement may be executed in separate
      counterparts each of which will be an original and all of which taken
      together will constitute one and the same agreement.

21.   GOVERNING LAW. This Pledge Agreement shall be governed by and construed in
      accordance with the domestic laws of the State of Arizona without giving
      effect to any choice of law or conflict of law provision or rule (whether
      of the State of Arizona or any other jurisdiction) that would cause the
      application of the laws of any jurisdiction other than the State of
      Arizona.

22.   WAIVER OF JURY TRIAL. Each party hereto hereby waives, to the fullest
      extent permitted by applicable law, any right it may have to a trial by
      jury in respect of any litigation directly or indirectly arising out of,
      under or in connection with this Pledge Agreement or any of

                                       7
<Page>

      the other documents. Each party hereto (a) certifies that no
      representative, agent or attorney of any other party has represented,
      expressly or otherwise, that such other party would not, in the event of
      litigation, seek to enforce the foregoing waiver; and (b) acknowledges
      that it and the other parties hereto have been induced to enter into this
      Pledge Agreement and the other documents, as applicable, by, among other
      things, the mutual waivers and certifications in this Section 22.

23.   HEADINGS. Section headings used herein are for convenience of reference
      only, are not part of this Pledge Agreement and are not to affect the
      construction of, or to be taken into consideration in interpreting, this
      Pledge Agreement.

                            [SIGNATURE PAGE FOLLOWS]

                                       8

<Page>

      IN WITNESS WHEREOF, the Pledgor and the Lender have caused this Pledge
Agreement to be duly executed as of the date first written above.

                                          PLEDGOR:

                                          FIRST REALTY INVESTMENTS, INC.

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

                                          LENDER:

                                          QUEPASA.COM, INC.

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

                                       9

<Page>

                                   SCHEDULE A

                               PLEDGED SECURITIES

                                      10

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