Rule 5 the realistic practice killer
As an instructor I am carefull about the location of my students PFL's but if the practice is going well and into a good clear field away from people or livestock I am more than happy to go around at about 50ft.
Doing so lets the student know that they could have got safely into the field, having a blank "not below 500ft rule" makes the whole practice a joke as the student is never sure that he/she would have got into the field without having an accident.
Remember Rule 5 is a rule, not being able to land an aircraft without power is a death sentence.