N200ZA

The certified flight instructor (CFI) and student pilot owner of the airplane were practicing simulated engine out/aborted takeoff procedures. The student pilot completed one aborted takeoff without incident; however, during a second attempt, he over-rotated and the airplane climbed to an altitude of about 20 feet. The student pilot applied full engine power and landed on the runway; however, he did not reduce the engine power to idle, when instructed to do so by the CFI. The student pilot also reported that he did not relinquish the flight controls to the CFI in a timely manner. The CFI applied right ruder and brakes; however, the airplane departed the left side of the runway and struck a runway sign, which resulted in substantial damage to the right wing. The pilots reported no preimpact mechanical malfunctions with the airplane that would have precluded normal operation. The student pilot reported about 102 hours of total flight experience; of which, about 100 hours were accumulated in the same make and model as the accident airplane.