Final answer:
True, magical realism often takes place in realistic, everyday settings where fantastical elements are blended with the real.
Step-by-step explanation:
The statement that a very important part of magical realism is a setting that takes place in everyday, commonplace realistic places is true. In magical realism, fantastical elements are interwoven into real-world settings, creating a paradox of the ordinary and the extraordinary. This literary style was popularized by Latin American writers such as Gabriel García Márquez, Jorge Luis Borges, and Isabel Allende, who incorporated elements of magic into gritty, realistic detail. Examples include stories like 'A Very Old Man With Enormous Wings' where magical elements like an angel are explored in a matter-of-fact way within a familiar setting. This contrast between the real and the fantastical is a hallmark of the genre and sets it apart from pure fantasy or traditional realism.