Final answer:
A contract is the essential element necessary between a broker and a principal when dealing with the title, right or interest in real property.
Step-by-step explanation:
The essential element necessary between a broker and a principal when dealing with the title, right or interest in real property is a contract. A contract is a legally binding agreement between two parties that outlines the rights and obligations of each party. In the context of real property, a contract will detail the terms of the transaction, including the transfer of title, rights, or interests.