Ok - I actually figured it out! Just thought I'd share in case others have the same issue as me and stumble across this. I found that under the Motion tab in Applied Effects, I have to press the little stopwatch first so it shows little stopwatches next to all of the options (Position, Scale, etc) and then I can use keyframes as I normally would in the timeline.
For those who are not familiar with keyframes, set the picture up how you want it to begin. Then, put the marker at the beginning of the picture (or when you want it to start panning/zooming), click on the keyframe and you will see the diamond appear on the timeline. Then, move the marker to when you want the panning/zooming to stop, move the picture to how you want it to end and click on the keyframe button again and you will see another diamond appear on the timeline. Voila! It works
With Premiere Elements 11 and 12, the photo that is panned and zoomed with its Pan and Zoom Tool is characterized by increased duration. It is what it is.
If you want to pan and zoom a photo using keyframing of the Motion properties of Scale (for Zoom) and Position (for Pan), then you would need to use Applied Effects Tab/Applied Effects Palette/ Motion Panel expanded and its Scale and Position properties there in association with Toggle Animation icon.
The shorter version of the Motion Panel Expanded looks like
To get the view where you can see the keyframes, click on the stop watch icon to the far right of the line with title Applied Effects.
Then you will see
Are you now on more familiar ground to move forward with your keyframing of the Scale and Postion properties for your
photo pans and zooms?
Please review and let me know if you are OK with the details.
Also, my blog post on Pan and Zoom Tool might be of interest.
We will be watching for your results.
Very much so, thank you for your help!
Thanks for the follow up good news that you are OK with the details.
Success with your Premiere Elements projects.