I believe you are wrong, but don't feel bad. This is an incredibly common misunderstanding. First, remember that there is a difference between logging PIC time and acting as PIC. You cannot act as PIC (solo the airplane) without an endorsement, but you can log PIC by being the sole manipulator of the controls. Second, remember that the term "rated" refers to category, class, and type rating, if a type rating is required. It doesn't say anything about endorsements. So as long as a pilot has a certificate for ASEL, they are good to go in a Bonanza.
Another way to remember this is to think of the requirements for being a safety pilot. Safety pilots do not need any endorsements, they only need to have category and class on their certificate. I could take somebody up as a safety pilot for my instrument currency in an Arrow without them having a complex endorsement. So does it make sense that they could log PIC time if they act as a safety pilot, yet not log it if I am giving them dual towards their complex endorsement when they are actually flying?
Here's a few references for further reading:
http://www1.faa.gov/avr/afs/afs800/docs/pt61FAQ.doc
http://www.aopa.org/members/files/pilot/2000/pc0003.html (AOPA members only)
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From the Part 61 FAQ:
QUESTION: Thank you for your letter dated April 20, 1999, to the Office of the Chief Counsel, Federal Aviation Administration (FAA), regarding the logging of pilot-in-command time. Specifically, whether a pilot needs to have the appropriate 14 CFR § 61.31 endorsements before he or she can properly log pilot-in-command time under 14 CFR § 61.51(e) when that pilot holds a private pilot certificate with a single-engine land rating and is receiving training in a single-engine land airplane that is also a complex or high performance airplane. Can this person log the time he or she manipulated the controls as pilot-in-command time.
ANSWER: Ref. § 61.51(e)(1)(i); Before discussing this issue, please note that the Frequently Asked Questions – Part 61 & 141 (FAQ’s) are provided by the Flight Standards Service (AFS) for standardization purposes. The Office of the Chief Counsel does not review the FAQ’s and accordingly, information provided on his website is not legally binding. Title 14 CFR § 61.51(e) governs the logging of pilot-in-command time. This section provides, in pertinent part, that a private pilot may log pilot-in-command time for that flight time during which that person is the sole manipulator of the controls of an aircraft for which the pilot is rated. (Emphasis added). The term “rated,” as used under 14 CFR § 61.51(e), refers to the pilot holding the appropriate aircraft ratings (category, class, and type, if a type rating is required). These ratings are listed under 14 CFR § 61.5 and are placed on the pilot certificate.
Therefore, based on the scenario given, a private pilot may log pilot-in-command time, in a complex or high performance airplane, for those portions of the flight when he or she is the sole manipulator of the controls because the aircraft being operated is single-engine land and the private pilot holds a single-engine land rating.
Note, while the private pilot may log this time as pilot-in-command time in accordance with 14 CFR § 61.51(e), he or she may not act as the pilot in command unless he or she has the appropriate endorsement as required under 14 CFR § 61.31. There is a distinction between acting as pilot in command and logging pilot-in-command time. In order to act as pilot in command, the pilot who has final authority and responsibility for the operation and safety of the flight, a person must be properly rated in the aircraft and be properly rated and authorized to conduct the flight. Title 14 CFR § 61.31 requires a person to have an endorsement from an authorized instructor before he or she may act as pilot in command of certain aircraft (a complex airplane, a high performance airplane, a pressurized airplane capable of operating at high altitudes, or a tailwheel airplane). These endorsements are not required to log pilot-in-command time under 14 CFR § 61.51(e). In order to log pilot-in-command time, a person who is the sole manipulator of the controls only needs to be properly rated in the aircraft.
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