The photographs however would be covered by copyright.
'Clicking "Continue" confirms that craigslist is the exclusive licensee of this content, with the exclusive right to enforce copyrights against anyone copying, republishing, distributing or preparing derivative works without its consent.'
I have an original photo and publish it as part of a listing ('the content'). The photo is not a derivative work.
> I have an original photo and publish it as part of a listing ('the content'). The photo is not a derivative work.
No, but if someone uses that photo (from the listing) to make something else, that something else is a derivative work, and thus covered by the craigslist license.
I suspect that the craigslist wording isn't intended to be restricted to derivative works. That is, I think that they meant to include content as is in addition to derived work from said content.
It looks like you can't transfer copyright but you can exclusively licence it.
Urheberrecht encompasses thing such as the right do defend against modifications that go against the spirit of the work or the author or against defacing it, the right to be named as the creator (though this one can be waived by contract depending on the circumstance) etc. The Urheberrecht can only be transferred by inheritance.
The Verwertungsrechte is anything related to the use of the work, such as selling, buying, (sub)licensing it.
Please keep in mind that this is a gross oversimplification and IANAL. The copyright situation is complicated enough for experts in the field and cannot be explained in a short post I guess :)