You have heard correctly. Schools prefer an 80 80 split. Furthermore, if you are a liberal arts major then schools look closely to you quant score (and vice versa if you are a science /engineering major).
I dont know much about the TOEFL unfortunately.
I heard that most of the schools consider not only the overall score but also the quant and verbal scores separately in order to analyse a candidate.
Is this really true?
My GMAT is 700 (50Q, 34V, AWA 4.5). My verbal percentile is very low - 69%.
I also heard that some schools look the TOEFL score (for non-native english speakers) with more accuracy when you have a bad verbal. For example, if someone like me has 112/120 in TOEFL his/her verbal GMAT score would be "forgiven".
Has anyone heard something like this?