According to the certificated flight instructor, the purpose of the flight review was to fulfill an insurance company requirement for the pilot/owner in the left seat. The first attempted maneuver was a simulated forced landing to runway 5. The flight instructor stated that "due to minimum downwind spacing and a short base leg, the aircraft overshot the final approach" path. When he realized that the approach was not stabilized, the flight instructor "attempted to assume control of the aircraft and initiate a go-around." He also stated that as he "advanced the power it became evident that the airspeed and altitude were too low" to avoid ground contact to the left of the runway. The airplane struck terrain and two taxiway lights, continued down an embankment, and came to rest about 100 yards from the initial point of contact. The airplane sustained damage to the landing gear, vertical stabilizer, right flap, and propeller. The reported airport winds about the time of the accident were calm. The pilot did not report any mechanical anomalies with the airplane.