bandzay: Much greater chance to get magic scrolls is when you play on hardcore difficulty and also when you have a Premium.

archpaladin: Magic scrolls are rare items that change the titles of your armor,weapon,boots,rings and amulets.

Things to remember-
•When changing titles of the chosen item,it will change the level requirement and in some cases the stat requirements.

•Ex. Titan's Fanged Helm will change it to lv.70 and give it better upgrades.A Minotaur's Giant Axe will change the requirement to lv.35 Str.30 and give it better upgrades.

Best Hunting Procedure for Finding Magic Scroll.
-Killing Marksman
-Hunting Ace or Expert Rank Enemies.