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Always equal to or less than the smaller number, yes.
When they have a factor in common greater than one.
Lots of numbers are NOT common factors. For example, 5, 7, 100...Get the greatest common factor of both numbers. All common factors are factors of this greatest common factor. Note that all of them must needs be less than or equal to the greatest common factor. Any other number is NOT a common factor.
The product of the GCF and LCM is equal to the product of the original two numbers.
Well, not always. The GCF and LCM of 10 and 10 is 10. But apart from that special circumstance, the statement is true. Apart from a number itself, all of its factors are smaller than it. Apart from a number itself, all of its multiples are larger than it. You can't have a GCF that is greater than the smaller number, and you can't have an LCM that is less than the larger one which means that the LCM of two numbers will never be less than the GCF. Factors go into numbers, numbers go into multiples.