Document:

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                                                                    EXHIBIT 4.04

                         REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of October
                                               ---------
26, 2000, and effective as of the Effective Time as defined in the
Reorganization Agreement, by and between Homestore.com, Inc., a Delaware
corporation (the "Company"), Cendant Corporation, a Delaware corporation
                  -------
("Stockholder") and the Shelf Stockholders (as hereinafter defined) who are
 ------------
signatories to this Agreement.

     WHEREAS, pursuant to the terms and conditions of that certain Agreement and
Plan of Reorganization dated as of October 26, 2000 (the "Reorganization
                                                          --------------
Agreement"), the Company will issue shares of its common stock to Stockholder;
---------
and

     WHEREAS, subject to the terms and conditions set forth herein, the Company
has agreed to grant certain registration rights to Stockholder and certain other
holders of the tracking stock of Stockholder or options to purchase the tracking
stock of Stockholder with respect to such shares.

     NOW, THEREFORE, in consideration of the promises, mutual covenants and
conditions herein contained, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

     1.   Definitions. For purposes of this Agreement, the following terms shall
          -----------
have the following respective meanings:

     "1933 Act" means the Securities Act of 1933, as amended.
      --------

     "1934 Act" means the Securities Exchange Act of 1934, as amended.
      --------

     "Affiliate" shall have the meaning ascribed to such term in Rule 12b-2 of
      ---------
the General Rules and Regulations under the 1934 Act.

     "Closing" shall have the meaning set forth in the Reorganization Agreement.
      -------

     "Eligible Time" means the third anniversary of the Closing.
      -------------

     "Existing Registration Rights Agreements" means any written agreement dated
      ---------------------------------------
as of a date prior to the date of the Reorganization Agreement obligating the
Company to register shares of any of the Company's securities for its
stockholders, including, without limitation, the Second Amended and Restated
Stockholders Agreement, dated January 28, 1999, by and among the Company and
certain of its stockholders, as amended by Amendment No. 1 thereto dated April
9, 1999.

     "Existing Stockholders" shall have the meaning ascribed to the term
      ---------------------
"Stockholders" in the Existing Registration Rights Agreements, and any other
stockholder or holder of any security convertible into or exchangeable for any
of the Company's securities.
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     "Person" means a corporation, an association, a partnership, a limited
      ------
liability company, an organization, a business, an individual, a joint venture,
a trust or a governmental or political subdivision thereof.

     "Register," "registered," and "registration" refers to a registration
      --------    ----------        ------------
effected by preparing and filing a registration statement or similar document in
compliance with the 1933 Act, and the declaration or ordering of effectiveness
of such registration statement or document.

     "Registrable Securities" shall mean the Shelf Shares and the Stockholder
      ----------------------
Shares.

     "Registration Statement" means any registration statement described in
      ----------------------
Sections 2.1 or 2.2 of this Agreement.

     "Rule 144" means Rule 144 promulgated under the 1933 Act, or any successor
      --------
rule thereto.

     "SEC" means the Securities and Exchange Commission.
      ---

     "Shelf Shares" means the shares of common stock of the Company issued or
      ------------
issuable to the Shelf Stockholders in accordance with the terms and conditions
of the Reorganization Agreement, and any securities of the Company issued as a
dividend on or other distribution with respect to, or in exchange for or
replacement of, such common stock.

     "Shelf Stockholders" shall mean the Persons listed on Exhibit A.
      ------------------                                   ---------

     "Stockholder" shall have the meaning set forth in the preamble hereto.
      -----------

     "Stockholder Demand" shall have the meaning set forth in Section 2.1 below.
      ------------------

     "Stockholder Shares" means the shares of common stock of the Company issued
      ------------------
or issuable to the Stockholder in accordance with the terms and conditions of
the Reorganization Agreement, and any securities of the Company issued as a
dividend on or other distribution with respect to, or in exchange for or
replacement of, such common stock.

     2.   Registration Rights.
          -------------------

          2.1  Demand Registration.
               -------------------

               (a)  If at any time after the Eligible Time the Stockholder
requests in writing (the "Stockholder Demand") that the Company file a
registration statement on Form S-3 (or any successor form to Form S-3) for a
public offering of Stockholder Shares, the Company shall, subject to Section
4.1, file such Registration Statement with the SEC within sixty (60) days after
its receipt of such request. The Company shall use commercially reasonable
efforts to cause such Registration Statement to be declared effective as soon
thereafter as practicable and keep such registration statement effective until
the Stockholder notifies the Company in writing that the Company is no longer
required to keep such Registration Statement effective. In no event, however,
shall the Company be required to (i) effect more than three (3) registrations
pursuant to this section,

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(ii) keep any registration statement filed pursuant to this section effective
for more than an aggregate of one hundred twenty (120) days, (iii) to register
more than 10% of the Stockholder Shares in any single registration or (iv)
effect more than one registration pursuant to this section in any 12-month
period following the Eligible Time. The "Incidental Registration" rights of the
Existing Stockholders, to the extent provided for in Section 4.2 of the Existing
Registration Rights Agreement, shall be applicable to a registration effected
pursuant to this Section 2.1.

               (b)  Notwithstanding the foregoing, the Company shall not be
obligated to take any action pursuant to subparagraph (a):

                    (i)  if the Company, within ten (10) days of the receipt of
the Stockholder Demand, gives notice of its bona fide intention to effect the
                                            ---- ----
filing of a registration statement to register on behalf of the Company any of
its common stock under the 1933 Act in connection with a public offering of such
common stock solely for cash with the SEC within sixty (60) days of receipt of
such demand (other than a registration relating primarily to the sale of
securities to participants in a Company stock plan or employee benefit plan, a
transaction covered by Rule 145 under the 1933 Act or the resale of securities
issued in such transaction, a registration in which the only stock being
registered is common stock issuable upon conversion or exchange of debt
securities which are also being registered or any registration on any form which
does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Stockholder
Shares, any of which may hereafter be referred to as an "Excepted Registration
                                                         ---------------------
Statement"); provided, however, that if such registration statement is not filed
---------    --------  -------
by the Company within sixty (60) days of receipt of such Stockholder Demand and
declared effective by the Commission within ninety (90) days after the Company's
receipt of such Stockholder Demand, the Company shall be obligated to cause such
Stockholder Shares to be registered in accordance with the provisions of this
Section 2.1 provided that the Company is actively employing in good faith all
reasonable efforts to cause such registration statement to become effective; or

                    (ii) during the period starting with the Company's date of
filing of, and ending on the date ninety (90) days immediately following, the
effective date of any registration statement pertaining to securities of the
Company (the "90-Day Postponement Period"), which registration was subject to
              --------------------------
Section 2.2 hereof; provided that if the Company, within the 90-Day Postponement
Period, files any other registration statement (other than an Excepted
Registration Statement), the Company will not be exempted from its obligations
pursuant to this Section 2.1; provided further that the Company shall use
commercially reasonable efforts to cause the registration statement relating to
the Stockholder Demand to be filed and become effective within thirty (30) days
after the 90-Day Postponement Period.

               (c)  Notwithstanding the foregoing, the Company agrees to cause
such Stockholder Shares to be registered in accordance with the provisions of
Section 2.1(a) within one hundred twenty (120) days of the occurrence of the
postponement of a registration pursuant to Sections 2.1(b)(i) or 2.1(b)(ii);
provided further that the Company may not postpone a demand registration more
than once in any twelve (12) month period.

                                      -3-
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          2.2  Incidental Registration.
               -----------------------

               (a)  Notwithstanding Section 2.1(a) of this Agreement and Section
1.2(c) of the Stockholder Agreement between Stockholder and the Company dated as
of even date herewith, if at any time after the first anniversary of the
Closing, the Company proposes to register (for its own account, on behalf of its
stockholders, or a combination of the foregoing) any of its common stock under
the 1933 Act in connection with a public offering of such common stock solely
for cash (other than pursuant to an Excepted Registration Statement) the Company
shall, at such time, give the Stockholder notice of such registration. Upon the
written request of the Stockholder, given within ten (10) days after notice has
been given by the Company in accordance with Section 9.1, the Company shall,
subject to Section 4, cause to be registered under the 1933 Act all of the
Stockholder Shares that the Stockholder has requested to be registered.
Nothwithstanding the foregoing, if, at any time after giving written notice of
its intention to register any securities and prior to the effective time of the
registration statement filed in connection with such registration, the Company
shall determine for any reason not to register or to delay registration of such
securities, the Company may, at its election, give written notice of such
determination to Stockholder and (i) in the case of determination not to
register, shall be relieved of its obligation to register any Stockholder Shares
in connection with such registration (but not from any obligation of the Company
to pay any Registration Expenses (as defined in Section 7 below)), without
prejudice, however, to the rights of Stockholder to request that such
registration be effected pursuant to Section 2.1 above and (ii) in the case of a
determination to delay registering, shall be relieved of its obligation to
register any Stockholder Shares for the same period as the delay in registering
such other securities. No registration effected under this Section 2.2 shall
relieve the Company of its obligation to effect any registration upon request
under Section 2.1.

          2.3  Shelf Registration. Subject to Section 4 below, no later than the
               ------------------
earlier of (i) ninety (90) days after the Closing or (ii) May 31, 2001, the
Company shall file a registration statement on Form S-3 (or any successor form
to Form S-3) for a public offering of the Shelf Shares. The Company shall use
commercially reasonable efforts to cause such Registration Statement to be
declared effective as soon thereafter as practicable and keep such registration
statement effective, subject to Section 4 below, for a period of one year. The
"Incidental Registration" rights of the Existing Stockholders, to the extent
provided for in the Existing Registration Rights Agreements, shall be applicable
to a registration effected pursuant to this Section 2.3; provided that the Shelf
Stockholders shall not be cut back.

          2.4  Underwriting Requirements.
               -------------------------

               (a)  In connection with any underwritten public offering pursuant
to Section 2.2 hereof, the Company shall not be required to include any of the
Stockholder Shares in such underwriting unless the Stockholder accepts the terms
of the underwriting as agreed upon between the Company and the underwriters for
the offering (which underwriters shall be selected by the Company).

                                      -4-
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               (b)  If the total amount of securities, including Stockholder
Shares, requested to be included in an underwritten public offering pursuant to
Section 2.2 hereof exceeds the amount of securities that the underwriters
determine in their sole discretion is compatible with the success of the
offering, then the Company shall be required to include in the offering only
that number of such securities, including Stockholder Shares, which the
underwriters determine in their sole discretion will not jeopardize the success
of the offering. In such event, the Company may reduce the number of Stockholder
Shares to be included in the offering prior to reducing or excluding the shares
proposed to be offered by the Company and the holders of registration rights
under the Existing Registration Rights Agreement.

     3.   Further Obligations of the Company After Registration.
          -----------------------------------------------------

          3.1  Blue Sky Compliance.  The Company shall, in connection with a
               -------------------
Registration Statement covering Registrable Securities, use its commercially
reasonable efforts to register and qualify the Registrable Securities covered by
the Registration Statement under such other securities or "blue sky" laws of
such jurisdictions as shall be reasonably requested by the Stockholder or the
Shelf Stockholders, as the case may be, provided that the Company 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 unless the Company is already subject to service in such
jurisdiction and except as may be required by the 1933 Act.

          3.2  Furnishing of Prospectus.  With respect to a Registration
               ------------------------
Statement filed pursuant to Sections 2.1, 2.2 or 2.3, the Company shall use
commercially reasonable efforts to furnish to the Stockholder or the Shelf
Stockholders, as applicable, copies of any preliminary prospectus and, as
expeditiously as reasonably possible after the effectiveness of the Registration
Statement, furnish to the Stockholder or the Shelf Stockholders, as applicable,
such numbers of copies of a final prospectus in conformity with the requirements
of the 1933 Act, and such other documents as the Stockholder or a Shelf
Stockholder, as the case may be, may reasonably request, in order to facilitate
the resale or other disposition of Registrable Securities owned by such
Stockholder or Shelf Stockholder, as the case may be.

          3.3  Amendments.  With respect to a Registration Statement filed
               ----------
pursuant to Section 2.1, 2.2 or 2.3 of this Agreement, and, subject to Section
4.1 of this Agreement, the Company shall prepare and file with the SEC such
amendments to the Registration Statement and amendments or supplements to the
prospectus contained therein as may be necessary to keep such Registration
Statement effective and such Registration Statement and prospectus accurate and
complete for the entire period for which the Registration Statement remains
effective.

          3.4  Notices.  The Company shall:
               -------

               (a)  Notify the Stockholder or the Shelf Stockholders, as
applicable, promptly after it shall receive notice thereof, of the date and time
when any Registration Statement and each post-effective amendment thereto has
become effective covering Registrable Securities held by such stockholder;

                                      -5-
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               (b)  Notify the Stockholder or the Shelf Stockholders, as
applicable, promptly of any request by the SEC for the amending or supplementing
of any Registration Statement or prospectus or for additional information
covering Registrable Securities held by such stockholder;

               (c)  Notify the Stockholder or the Shelf Stockholders, as
applicable, at any time when a prospectus relating to Registrable Securities is
required to be delivered under the 1933 Act, of any event which would cause any
such prospectus or any other prospectus as then in effect to include an untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and, subject to
Section 4.1, promptly prepare and file with the SEC, and promptly notify the
Stockholder or the Shelf Stockholders, as the case may be, of the filing of,
such amendments or supplements to any Registration Statement or prospectus as
may be necessary to correct any such statements or omissions;

               (d)  Notify Stockholder or the Shelf Stockholders, as applicable,
promptly after it shall receive notice of the issuance of any stop order by the
SEC suspending the effectiveness of any Registration Statement covering
Registrable Securities or the initiation or threatening of any proceeding for
that purpose and, subject to Section 4.1, promptly use commercially reasonable
efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued.

     4.   Conditions and Limitations on Registration Rights.  The registration
          -------------------------------------------------
rights granted by this Agreement are subject to the following additional
conditions and limitations:

          4.1  Delays and Suspension.  The Company may delay the filing of, or
               ---------------------
suspend or delay the effectiveness of a Registration Statement for a reasonable
period of time (but not exceeding 180 days), if the Company determines, in its
reasonable judgment, that such registration or offering would interfere with any
financing, acquisition, corporate reorganization or other material transaction
involving the Company or any of its Affiliates or would require premature
disclosure thereof and promptly give Stockholder or the Shelf Stockholders, as
applicable, written notice of such delay, provided, however, that the Company
may postpone a filing in such manner only once in each twelve (12) month period;
provided that if the Company files any other registration statement during this
postponement period (other than an Excepted Registration Statement), the
Company's obligations shall no longer be permitted its rights to delay and
suspension under this Section 4.1. In such event, the Company's obligation under
this Agreement to file a registration statement, seek effectiveness of a
registration statement or keep such registration statement effective shall be
deferred. If the Company shall postpone the filing of a registration statement
pursuant to request for registration pursuant to Section 2.1 hereof, Stockholder
shall have the right to withdraw the request for registration by giving written
notice to the Company within thirty (30) days after receipt of the notice of
postponement and, in the event of such withdrawal, such request shall not be
counted for purposes of the requests for registration to which such selling
Stockholder is entitled pursuant to Section 2.1 hereof. If the Company suspends
the effectiveness of a Registration Statement, the Company will promptly deliver
notice to the Stockholder or the Shelf Stockholders, as applicable, of

                                      -6-
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such suspension and will again deliver notice to the Stockholder when such
suspension is no longer necessary and the duration for which the Company is
required to keep a Registration Statement effective shall be extended by an
additional number of days equal to the length of any suspension period.

          4.2  Amended or Supplemented Prospectus. The Stockholder and the Shelf
               ----------------------------------
Stockholders agree that, as a condition to the receipt of the registration
rights contained herein, upon receipt of any notice from the Company described
in Section 4.1 hereof that suspends an effective registration statement, such
stockholder shall forthwith discontinue disposition of Registrable Shares until
such stockholder's receipt of copies of a supplemented or amended prospectus
from the Company, or until it is advised in writing by the Company that the use
of the prospectus may be resumed, and has received copies of any additional or
supplemental filings which are incorporated by reference in the prospectus. If
so directed by the Company, such stockholder will deliver to the Company all
copies of the prospectus covering such Registrable Shares current at the time of
receipt of such notice of suspension.

     5.   Indemnification.
          ----------------

          5.1  Indemnification by the Company.  The Company will, and hereby
               ------------------------------
does, indemnify and hold harmless, Stockholder and each of the Shelf
Stockholders, as the case may be, and their respective directors, officers,
partners, agents and Affiliates and each other Person who participates as an
underwriter in the offering or sale of the Stockholder Shares or the Shelf
Shares, as the case may be, and each other Person, if any, who controls
Stockholder or a Shelf Stockholder, as the case may be, or any such underwriter
within the meaning of the 1933 Act, insofar as losses, claims, damages or
liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which Stockholder Shares held by Stockholder or Shelf Shares held by the
Shelf Stockholders, as the case may be, were registered under the 1933 Act, any
preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein in light of the circumstances in which
they were made not misleading, and the Company will reimburse Stockholder or the
Shelf Stockholders, as the case may be, and each such director, officer,
partner, agent or Affiliate, underwriter and controlling Person for any legal or
any other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, liability, action or proceeding; provided,
                                                                    --------
that the Company shall not be liable in any such case to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect thereof)
or expense arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in such registration statement,
any such preliminary prospectus, final prospectus, summary prospectus, amendment
or supplement in reliance upon and in conformity with written information
furnished to the Company through an instrument executed by or on behalf of
Stockholder or a Shelf Stockholder (as the case may be) or such underwriter, as
the case may be, specifically stating that it is for use in the preparation
thereof; and provided, further, that the Company shall not be liable to any
             --------  -------
Person who participates as an underwriter in the offering or sale of Stockholder
Shares or any

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other Person, if any, who controls such underwriter within the meaning of
the 1933 Act, in any such case to the extent that any such loss, claim, damage,
liability (or action or proceeding in respect thereof) or expense arises out of
such Person's failure to send or give a copy of the final prospectus, as the
same may be then supplemented or amended, to the Person asserting an untrue
statement or alleged untrue statement or omission or alleged omission at or
prior to the written confirmation of the sale of Stockholder Shares to such
Person if such statement or omission was corrected in such final prospectus so
long as such final prospectus, and any amendments or supplements thereto, have
been furnished to such underwriter.  Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of Stockholder
or the Shelf Stockholders, as the case may be, or any such underwriter,
director, officer, partner, agent or Affiliate or controlling Person and shall
survive the transfer of such securities by Stockholder or the Shelf
Stockholders, as the case may be.

          5.2  Indemnification by Stockholders. Stockholder and each Shelf
               -------------------------------
Stockholder will, and hereby does, severally indemnify and hold harmless (in the
same manner and to the same extent as set forth in Section 5.1) the Company, and
each director of the Company, each officer of the Company and each other Person,
if any, who controls the Company within the meaning of the 1933 Act, with
respect to any statement or alleged statement in or omission or alleged omission
from such registration statement, any preliminary prospectus, final prospectus
or summary prospectus contained therein, or any amendment or supplement thereto,
if such statement or alleged statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Company through an instrument duly executed by Stockholder or such Shelf
Stockholder, as the case may be, specifically stating that it is for use in the
preparation of such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement; provided, however, that
                                                         --------  -------
the liability of any stockholder under this Section 5.2 shall be limited to the
amount of proceeds received by such stockholder in the offering giving rise to
such liability. Such indemnity shall remain in full force and effect, regardless
of any investigation made by or on behalf of the Company or any such director,
officer or controlling Person and shall survive the transfer of such securities
by such stockholder.

          5.3  Notices of Claims, etc. Promptly after receipt by an indemnified
               ----------------------
party of notice of the commencement of any action or proceeding involving a
claim referred to in the preceding subdivisions of this Section 5 such
indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party, give written notice to the latter of the commencement of
such action; provided, however, that the failure of any indemnified party to
             --------  -------
give notice as provided herein shall not relieve the indemnifying party of its
obligations under the preceding subdivisions of this Section 5, except to the
extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any such action is brought against an indemnified party,
unless in such indemnified party's reasonable judgment a conflict of interest
between such indemnified and indemnifying parties is reasonably likely to exist
in respect of such claim, the indemnifying party shall be entitled to
participate in and, to assume the defense thereof, jointly with any other
indemnifying party similarly notified to the extent that it may wish, with
counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party shall not

                                      -8-
<PAGE>

be liable to such indemnified party for any legal or other expenses subsequently
incurred by the latter in connection with the defense thereof other than
reasonable costs of investigation unless in such indemnified party's reasonable
judgment a conflict of interest between such indemnified and indemnifying
parties arises in respect of such claim after the assumption of the defense
thereof and the indemnified party notifies the indemnifying party of such
indemnified party's judgment and the basis therefor. No indemnifying party shall
be liable for any settlement of any action or proceeding effected without its
written consent, which consent shall not be unreasonably withheld. No
indemnifying party shall, without the written consent of the 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 of such
claim or litigation.

          5.4  Contribution. If the indemnification provided for in this Section
               ------------
5 shall be judicially determined (by the entry of final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) to be unavailable to a party seeking
indemnification under Section 5.1 or 5.2 hereof in respect of any loss, claim,
damage or liability, or any action in respect thereof, then, in lieu of the
amount paid or payable under Section 5.1 or Section 5.2 hereof, the indemnified
party and the indemnifying party under Section 5.1 or Section 5.2 hereof shall
contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating the
same), (i) in such proportion as is appropriate to reflect the relative fault of
the Company, on the one hand, and Stockholder and each Shelf Stockholder, on the
other hand, with respect to the statements or omissions which resulted in such
loss, claim, damage or liability, or action in respect thereof, as well as any
other relevant equitable considerations or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as shall
be appropriate to reflect the relative benefits received by the Company, on the
one hand, and Stockholder and each Shelf Stockholder, on the other hand, from
the offering of the securities covered by such registration statement. No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. In addition, no Person shall be
obligated to contribute hereunder any amounts in payment for any settlement of
any action or claim effected without such Person's consent, which consent shall
not be unreasonably withheld.

          5.5  Other Indemnification. Indemnification and contribution similar
               ---------------------
to that specified in the preceding subdivisions of this Section 5 (with
appropriate modifications) shall be given by the Company, on the one hand, and
Stockholder and each Shelf Stockholder, on the other hand, with respect to any
required registration or other qualification of securities under any federal or
state law or regulation of any governmental authority other than the 1933 Act.

     6.  Information from Stockholder. In the event that either the Stockholder
         ----------------------------
or a Shelf Stockholder fails to furnish to the Company such information
regarding itself, the shares of Registrable Securities held by it, or the
intended method of disposition of such securities as may be required to effect
the registration of the Registrable Securities, the Company shall not be
obligated to

                                      -9-
<PAGE>

take any action pursuant to this Agreement with respect to such Stockholder
Shares or Shelf Shares held by such Stockholder or Shelf Stockholder.

     7.  Expenses of Registration. The Company shall pay all registration,
         ------------------------
filing and qualification fees (including SEC filing fees and the listing fees of
the Nasdaq Stock Market or any stock exchange on which the Company securities
are traded) attributable to the Stockholder Shares and Shelf Shares registered
under this Agreement, and any legal, accounting or other professional fees or
expenses incurred by the Company (collectively, "Registration Expenses"). The
Stockholder and each Shelf Stockholder, as the case may be, shall pay all
underwriting discounts, selling commissions and stock transfer taxes, if any,
attributable to the sale of such Stockholder Shares or Shelf Shares, as the case
may be, registered by such stockholder and any legal, accounting or other
professional fees incurred by such stockholder. The Company shall pay all
expenses in connection with any registration initiated pursuant to Section 2
which is withdrawn (pursuant to a written request made with the SEC pursuant to
Rules 477 or 478 of the 1933 Act or any successor rules thereto), delayed or
abandoned, except if such withdrawal, delay or abandonment is a result of: (i) a
request by the Stockholder or the Shelf Stockholders to withdraw, delay or
abandon such registration; (ii) the failure to comply with the requirements of
Section 6 hereof by the Stockholder or Shelf Stockholder, as applicable; or
(iii) any withdrawal, delay or abandonment of the registration caused by the
fraud, material misstatement or omission of a material fact by the Stockholder
or a Shelf Stockholder, as applicable, to be included or required to be included
in such registration.

     8.  Rule 144. In the event that Stockholder or a Shelf Stockholder may,
         --------
under Rule 144, resell or otherwise dispose of all such stockholder's
Stockholder Shares or Shelf Shares, as the case may be, in a ninety (90) day
period without registration under the 1933 Act, the registration rights granted
under this Agreement to such stockholder and the obligations of the Company
hereunder (other than its obligations under Sections 5 and 7 and this Section 8)
to such stockholder, shall be of no further force and effect whatsoever without
any further action on the part of the Company or such stockholder; provided that
the registration rights provided hereunder shall be reinstated as to the
Stockholder or a Shelf Stockholder if at any time the provisions of Rule 144(k)
do not permit the Stockholder or such Shelf Stockholder to dispose of all of the
Stockholder Shares or such Shelf Stockholder's shares, as the case may be, then
held by it in any three-month period; provided, however, that such reinstatement
shall exist for only so long as the Stockholder or such Shelf Stockholder, as
applicable, cannot sell all of the Stockholder Shares or such Shelf
Stockholder's shares as are then held by the Stockholder or such Shelf
Stockholder during any three-month period pursuant to Rule 144(k).

     9.  Miscellaneous.
         -------------

          9.1  Notices. All notices and other communications required or
               -------
permitted hereunder shall be made in the manner and to addresses set forth in
the Reorganization Agreement, in the case of the Stockholder and the Company,
and, in the case of Shelf Stockholders, in the manner set forth in the
Reorganization Agreement to the address of such Shelf Stockholder set forth on
Exhibit A hereto.
---------

                                      -10-
<PAGE>

          9.2  Interpretation. The words "include," "includes" and "including"
               --------------
when used herein shall be deemed in each case to be followed by the words
"without limitation." The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement.

          9.3  Counterparts. This Agreement may be executed in one or more
               ------------
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other party, it being understood that all
parties need not sign the same counterpart.

          9.4  Entire Agreement. This Agreement and the documents and
               ----------------
instruments and other agreements among the parties hereto referenced herein: (a)
constitute the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, both
written and oral, among the parties with respect to the subject matter hereof;
and (b) other than the rights expressly set forth herein with respect to the
Shelf Stockholders, are not intended to confer upon any other person any rights,
remedies, obligations or liabilities hereunder.

          9.5  Assignment. This Agreement, and the rights and obligations
               ----------
hereunder, shall not be assigned by the Stockholder or any Shelf Stockholder
without the prior written consent of the Company, which consent shall not be
unreasonably withheld; provided that the Stockholder shall be permitted to
assign its rights and obligations under this Agreement, in whole or in part, to
any wholly-owned direct or indirect subsidiary of the Stockholder in connection
with the transfer of at least 1,000,000 Shares to such subsidiary. Any
assignment of rights or delegation of duties under this Agreement by the
Stockholder or a Shelf Stockholder without the prior written consent of the
Company shall be void ab initio. This Agreement shall be binding upon and inure
to the benefit of the Company and its respective successors and assigns.

          9.6  Severability. In the event that any provision of this Agreement
               ------------
or the application thereof, becomes or is declared by a court of competent
jurisdiction to be illegal, void or unenforceable, the remainder of this
Agreement will continue in full force and effect and the application of such
provision to other persons or circumstances will be interpreted so as reasonably
to effect the intent of the parties hereto. The parties further agree to replace
such void or unenforceable provision of this Agreement with a valid and
enforceable provision that will achieve, to the extent possible, the economic,
business and other purposes of such void or unenforceable provision.

          9.7  Attorneys' Fees. In any action at law or suit in equity in
               ---------------
relation to this Agreement, the prevailing party in such action or suit shall be
entitled to receive a reasonable sum for its attorneys' fees and all other
reasonable costs and expenses incurred in such action or suit.

          9.8  Governing Law. This Agreement shall be governed by and construed
               -------------
in accordance with the laws of the State of Delaware, regardless of the laws
that might otherwise govern under applicable principles of conflicts of laws
thereof. Each of the parties hereto agrees that process may be served upon them
in any manner authorized by the laws of the State of Delaware for

                                      -11-
<PAGE>

such persons and waives and covenants not to assert or plead any objection which
they might otherwise have to such jurisdiction and such process.

          9.9  Term. Except as expressly provided herein, the rights and
               ----
obligations hereunder shall terminate ten (10) years from the date of this
Agreement.

     9.10  Shelf Stockholders.  Acceptance of any benefit under this Agreement
           ------------------
by any Shelf Stockholder shall render it a party hereto and shall obligate it to
all provisions with respect to Shelf Stockholders hereunder.

             [The remainder of this page intentionally left blank]

                                      -12-
<PAGE>

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written.

                                    HOMESTORE.COM, INC.

                                    By:  /s/ David Rosenblatt
                                       --------------------------------
                                    Name:
                                    Title:

                                    CENDANT CORPORATION

                                    By:  /s/ Eric Bock
                                       --------------------------------
                                    Name:
                                    Title:

               [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

                                      -13-<PAGE>

                                                                    EXHIBIT 4.05

                              EXCHANGE AGREEMENT

          AGREEMENT, dated as of March 28, 2001, by and among Cendant Membership
Services Holdings, Inc., a Delaware corporation ("Buyer"), Richard Henkin
("Richard"), and Sonia Henkin ("Sonia" and together with Richard, the
"Sellers").

          WHEREAS, the Sellers own of 6,358 shares ("Tracking Stock Shares") of
Cendant Corporation common stock designated as Move.com Tracking Stock, par
value $0.01 per share ("Move.com Stock");

          WHEREAS, Buyer is a party to an Agreement and Plan of Reorganization,
dated as of October 26, 2000, by and among Homestore.com, Inc., ("Homestore"),
Metal Acquisition Corp., WW Acquisition Corp., Move.com, Inc. ("Move.com"),
Welcome Wagon International Inc., Buyer and Cendant Corporation, a Delaware
corporation ("Parent"), pursuant to which each outstanding share of common stock
of Move.com, par value $.01 per share, was converted into the right to receive
 .7284 shares (the "Exchange Ratio") of common stock of Homestore.com, Inc., par
value $0.001 per share ("Homestore Common Stock"); and

          WHEREAS, the parties desire to exchange Tracking Stock Shares for
shares of Homestore Common Stock at the Exchange Ratio (substituting Tracking
Stock Shares for shares of common stock of Move.com in the calculation), on the
terms and conditions provided for herein.

          NOW, THEREFORE, in consideration of the provisions and the mutual
consents contained herein, the parties hereto agree as follows:

          1.   EXCHANGE OF TRACKING STOCK SHARES FOR HOMESTORE SHARES.
               ------------------------------------------------------

               1.1  Exchange of Shares.  On the terms and subject to the
                    ------------------
conditions contained herein, Buyer agrees to exchange with the Sellers and the
Sellers agree to exchange with Buyer 4,631 shares of Homestore Common Stock (the
"Homestore Shares") in exchange for the Tracking Stock Shares. Pursuant to a
Registration Rights Agreement, dated as of October 26, 2000 and effective as of
February 16, 2000, by and between Homestore and Parent (the "Registration Rights
Agreement"), Homestore is required to file a registration statement on Form S-3
no later than May 17, 2001 for a public offering of the Homestore Shares (the
"Shelf Registration").
<PAGE>

               1.2  Delivery of Shares.  (a)  At the Closing each of the Sellers
                    ------------------
shall deliver to Buyer a validly issued certificate representing the Tracking
Stock Shares duly endorsed in blank or accompanied by stock powers duly executed
in blank, with all necessary stock transfer stamps affixed.

          (b)  At the Closing Buyer shall deliver to the Sellers a validly
issued certificate representing the Homestore Shares duly endorsed in blank or
accompanied by stock powers duly executed in blank, with all necessary stock
transfer stamps affixed.

          2.   THE CLOSING.  Upon the terms and subject to the conditions of
               -----------
this Agreement, it is intended that the closing of the transactions contemplated
by this Agreement (the "Closing") shall take place on the date of execution of
this Agreement at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, Four
Times Square, New York, New York 10036, at 10:00 a.m. (local time); provided,
                                                                    --------
however, if any of the conditions set forth in this Agreement shall not have
-------
been satisfied or waived as of the date of this Agreement, then the Closing
shall take place on the third business day after satisfaction of all the
conditions provided for in Section 5 hereof, or at such other place and time as
the parties hereto shall agree in writing (the time and date of such closing
being referred to herein as the "Closing Date"). The parties hereto agree to use
their best efforts to have the Closing occur as soon as practicable consistent
with the provisions of this Agreement.

          3.   REPRESENTATIONS AND WARRANTIES OF THE SELLERS.  Each of the
               ---------------------------------------------
Sellers jointly and severally represent and warrant to Buyer as follows:

               3.1  Authorization.  Each Seller has full power and authority to
                    -------------
enter into and to perform its obligation under this Agreement in accordance with
its terms.

               3.2  Binding Agreement.  This Agreement has been duly and validly
                    -----------------
executed and delivered on behalf of each Seller and, assuming due authorization,
execution and delivery by Buyer, constitutes the legal and binding obligation of
each of the Sellers enforceable against the Sellers in accordance with its terms
subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting
creditors' rights generally, to general equity principles (whether considered in
a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.

                                       2
<PAGE>

               3.3  Required Approvals, Notices and Consents.  Except as
                    ----------------------------------------
described herein or in Schedule 3.4 hereof, no consent or approval of, other
action by, or any notice to, any governmental body or agency, domestic or
foreign, or any third party is required in connection with the execution and
delivery by each of the Sellers of this Agreement or the consummation of the
transaction contemplated hereby.

               3.4  Restricted Securities.  Until the Shelf Registration is
                    ---------------------
declared effective by the Securities and Exchange Commission pursuant to the
Registration Rights Agreement (which may or may not occur by May 17, 2001), each
Seller understands that (a) the Homestore Shares to be received by such Seller
hereunder are characterized as "restricted securities" under the federal
securities laws inasmuch as such securities are being acquired from Buyer in a
transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under
the Securities Act only in certain limited circumstances and (b) the
certificate(s) representing the Homestore Shares shall bear the following
legends:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THE SHARES REPRESENTED BY
     THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
     REGISTRATION OR A WRITTEN OPINION OF COUNSEL, REASONABLY ACCEPTABLE TO THE
     ISSUER IN FORM AND SUBSTANCE, THAT SUCH TRANSFER IS EXEMPT FROM THE
     REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
     RESTRICTIONS ON TRANSFER AND VOTING CONTAINED IN STOCKHOLDER AGREEMENT
     WHICH MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST OF THE HOLDER OR RECORD
     OF THIS SECURITY TO THE SECRETARY OF THE CORPORATION AT THE PRINCIPAL
     OFFICES OF THE CORPORATION.

          The Sellers must request that Homestore remove the legend set forth
above from the certificates evidencing the Homestore Shares or issue to such
holder new certificates therefor free of such legend in connection with the
Shelf Registration.

               3.5  Suitability Standards.
                    ---------------------

                                       3
<PAGE>

          (a)  Each Seller is acquiring the Homestore Shares for investment
               purposes only and solely for his own accounts and not with a view
               to, or for resale in connection with, the distribution or
               disposition thereof, except for such distributions or
               dispositions which are effected in compliance with the Securities
               Act;

          (b)  Each Seller understand that the Homestore Shares have not been
               registered under the Securities Act or under any state securities
               or "blue sky" laws;

          (c)  Each Seller will not directly or indirectly offer, sell,
               transfer, assign, pledge, hypothecate or otherwise dispose of, or
               solicit any offers to purchase or otherwise acquire or take a
               pledge of, any of the Homestore Shares, except in accordance with
               the Securities Act and all applicable state securities or "blue
               sky" laws;

          (d)  The financial situation of each Seller is such that he can afford
               to bear the economic risk of holding the Homestore Shares for an
               indefinite period of time and suffer complete loss of his
               investment in the Homestore Shares;

          (e)  Each Seller has such knowledge and experience in financial and
               business matters that he is capable of evaluating the merits and
               risks relating to his investment in the Homestore Shares;

          (f)  Each Seller acknowledge that the Homestore Shares must be held
               indefinitely and each Seller must continue to bear the economic
               risk of his investments in the Homestore Shares until the
               Homestore Shares are subsequently registered under the Securities
               Act or an exemption from such registration is available;

          (g)  Each Seller understands that the Homestore Shares represent a
               speculative investment which involves a high degree of risk of
               loss of his investment therein;

          (h)  In making his decision to receive the Homestore Shares under this
               Agreement, each Seller has relied upon independent investigations
               made by his and, to the extent believed by him

                                       4
<PAGE>

               to be appropriate, his representatives, including his own
               professional, tax and other advisors;

          (i)  In making his decision to receive the Homestore Shares under this
               Agreement, each Seller has not received or relied upon any
               information relating the Homestore from Buyer and each Seller has
               relied solely upon the public filings of Homestore to evaluate
               the risks associated with ownership of the Homestore Shares; and

          (j)  All information that each Seller has provided to Buyer concerning
               himself and his financial position is true, complete and correct
               as of the date of this Agreement.

               3.6  Fees and Commissions.  No agent, broker, investment banker,
                    --------------------
person or firm acting on behalf of or under the authority of either Seller is or
will be entitled to any broker's or finder's fee or any other commission
directly or indirectly in connection with the transactions contemplated herein.
Each Seller agrees to indemnify and hold harmless Buyer from liability for any
compensation to any intermediary retained or otherwise authorized to act by, or
on behalf of, such Seller and the fees and expenses of defending against such
liability or alleged liability.

               3.7  Transfer Instructions.  Each Seller agrees that Homestore
                    ---------------------
may provide for appropriate transfer instructions to implement the provisions of
Section 3.4 hereof.

          4.   REPRESENTATIONS AND WARRANTIES OF BUYER.  Buyer represents and
               ---------------------------------------
warrants to each of the Sellers as follows:

               4.1  Organization and Standing.  Buyer is a corporation duly
                    -------------------------
incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation.

               4.2  Binding Agreement.  Buyer has all requisite corporate power
                    -----------------
and authority to enter into, execute and deliver this Agreement, to carry out
its obligations hereunder and to consummate the transaction contemplated hereby.
This Agreement has been duly and validly authorized, executed and delivered by
Buyer and, assuming due authorization, execution and delivery by each of the
Sellers, constitutes the legal and binding obligation of Buyer enforceable
against Buyer in accordance with its terms, subject to the effects of
bankruptcy, insolvency, fraudulent

                                       5
<PAGE>

conveyance, reorganization, moratorium and other laws relating to or affecting
creditors' rights generally, to general equity principles (whether considered in
a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.

               4.3  Fees and Commissions.  No agent, broker, investment banker,
                    --------------------
person or firm acting on behalf of or under the authority of Buyer is or will be
entitled to any broker's or finder's fee or any other commission directly or
indirectly in connection with the transactions contemplated herein.

               4.4  Required Approvals, Notices and Consents.  Except as
                    ----------------------------------------
described herein or in Schedule 4.4 hereof, no consent or approval of, other
action by, or any notice to, any governmental body or agency, domestic or
foreign, or any third party is required in connection with the execution and
delivery by the Buyer of this Agreement or the consummation of the transaction
contemplated hereby.

          5.   CONDITIONS PRECEDENT.  To the extent that the date of this
               --------------------
Agreement is not also the date of the Closing the following shall apply: The
obligations of each party hereunder are subject to the fulfillment on or prior
to the Closing as follows:

               5.1  Representations, Warranties and Agreements.  The
                    ------------------------------------------
representations and warranties of the other party hereto shall be true and
correct in all material respects on the date of the Closing Date as though made
on and as of such date and the other party shall have performed all other
obligations and agreements contained in this Agreement to be performed prior to
the Closing.

          6.   MISCELLANEOUS.
               -------------

               6.1  Entire Agreement.  This Agreement embodies the entire
                    ----------------
agreement and understanding of the parties with respect to the subject matter
hereof and supersedes any and all prior agreements, arrangements and
undertakings, whether written or oral, relating to matters provided for herein.
There are no provisions, undertakings, representations or warranties relative to
the subject matter of this Agreement not expressly set forth herein.

               6.2  Expenses.  Except as otherwise specifically provided in this
                    --------
Agreement, all costs and expenses, including, without limitation, fees and
disbursements of counsel, financial advisors and accountants, incurred in
connection with this Agreement and the transaction contemplated hereby shall be
paid by the

                                       6
<PAGE>

party incurring such costs and expenses, whether or not the Closing shall have
occurred.

               6.3  Notices.  Any notice, demand, claim, notice of claim,
                    -------
request or communication required or permitted to be given under the provisions
of this Agreement shall be in writing and shall be deemed to have been duly
given if delivered personally by facsimile transmission or sent by first class
or certified mail, postage prepaid to the following addresses,

          If to the Sellers:

               Homehunters
               1038 North Fairfax Avenue
               West Hollywood, California  90046
               Attention: Richard Henkin
               Facsimile: (323) 848-8763

          If to Buyer:

               c/o Cendant Corporation
               9 West 57/th/ Street
               New York, New York  10019
               Attention:  Eric J. Bock, Esq.
               Facsimile:  (212) 413-1922

               with a copy to:

               Skadden, Arps, Slate, Meagher & Flom LLP
               Four Times Square
               New York, New York 10038
               Attention:  David Fox, Esq.
               Facsimile:  (212) 735-2000

or to such other address as any party may request by notifying in writing all of
the other parties to this Agreement in accordance with this Section 6.3.

          Any such notice shall be deemed to have been received on the date of
personal delivery, the date set forth on the postal service return receipt, the
date of delivery shown on the records of the overnight courier or the date shown
on the facsimile confirmation, as applicable.

                                       7
<PAGE>

               6.4  Benefit and Assignment.  This Agreement will be binding upon
                    ----------------------
and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. There shall be no assignment of any interest under this
Agreement by any party except that Buyer may assign its rights hereunder to any
wholly owned subsidiary of Buyer; provided, however, that no such assignment
                                  --------  -------
shall relieve the assignor of its obligations under this Agreement. Nothing
herein, express or implied, is intended to or shall confer upon any other person
any legal or equitable right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement.

               6.5  Waiver.  Any waiver of any provision of this Agreement shall
                    ------
be valid only if set forth in an instrument in writing signed by the party to be
bound thereby. Any waiver of any term or condition shall not be construed as a
waiver of any subsequent breach or a subsequent waiver of the same term or
condition, or a waiver of any other term or condition, of this Agreement. The
failure of any party to assert any of its rights hereunder shall not constitute
a waiver of any such rights.

               6.6  Amendment.  This Agreement may not be amended or modified
                    ---------
except by an instrument in writing signed by, or on behalf of, the Sellers and
Buyer.

               6.7  Release of Claims.  The Sellers hereby fully and
                    -----------------
unconditionally releases from any and all claims, actions, causes of actions,
lawsuits, damages, liabilities, costs, losses, expenses, assessments, sums of
money, promises and demands of any nature whatsoever of the Sellers against
Buyer and each of its respective officers, directors, employees or agents which
are related to or arise out of (a) any act taken or omitted to be taken in
connection with or in anticipation of the transactions contemplated hereby or
(b) any act taken or omitted to be taken by Buyer in connection with the
transactions contemplated hereby.

               6.8  Construction of this Agreement.  The language used in this
                    ------------------------------
Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual agreement, and this Agreement shall not be deemed to have
been prepared by any single party hereto. The headings of the sections and
subsections of this Agreement are inserted as a matter of convenience and for
reference purposes only and in no respect define, limit or describe the scope of
this Agreement or the intent of any section or subsection. This Agreement may be
executed in one or more counterparts and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same
agreement.

                                       8
<PAGE>

               6.9  Governing Law.  This Agreement shall be governed by,
                    -------------
enforced under and construed in accordance with, the laws of the State of New
York, without giving effect to any choice of law provision or rule thereof. The
parties submit to the exclusive jurisdiction of the courts of the State of New
York and of the United States of America in each case located in the County of
New York for any litigation arising out of or relating to the Agreement and the
transactions contemplated hereby.

                                       9
<PAGE>

          IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of the date first above written.

                              CENDANT MEMBERSHIP SERVICES HOLDINGS, INC.

                              /s/ Eric J. Bock
                              ------------------------------------------
                              Name: Eric J. Bock
                              Title: Senior Vice President & Secretary

                              RICHARD HENKIN

                              /s/ Richard Henkin
                              ------------------------------------------

                              SONIA HENKIN

                              /s/ Sonia Henkin
                              ------------------------------------------

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