yes
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negative, weak
No, it indicates an extremely strong positive correlation.
correlation which can be strong or weak
It really depends a lot on the context. The Cohen scale, for example, puts a correlation of 0.5 right on the cusp of "medium/modest" (0.30-0.49) and "large/strong" (0.50-1.00). However these cutoff criteria are largely arbitrary and shouldn't be applied too strictly. A correlation of 0.5 might be regarded as strong in some social science situations (e.g. where the measures are based on 5-point Likert scales) or weak in physical science situations where instrumentation can be extremely precise.
Smart is someone that knows a lot. Niceness is someone that is friendly to others. -------------------- Is someone smart more likely to be nice? Is someone nice more likely to be smart? Good questions! My hunch is that if there is a correlation, it would be a weak one.