(5.50 Stars) AQs w/ 12 BB UTG

[tsearcher]

PokerStars Tournament, Big Blind is t100 (7 handed) Converter on pregopoker.com

MP1 has been extremely tight. Has not yet raised preflop.

Hero (t1275)
UTG+1 (t2140)
MP1 (t1250)
CO (t1425)
Button (t2280)
SB (t2275)
BB (t2855)

Preflop: Hero is in UTG with Q[img]/images/graemlins/spade.gif[/img] A[img]/images/graemlins/spade.gif[/img]
<font color="red">Hero raises to t300</font>, <font color="gray">UTG+1 folds</font>, <font color="red">MP1 raises to t500</font>, <font color="gray">CO folds</font>, <font color="gray">Button folds</font>, <font color="gray">SB folds</font>, <font color="gray">BB folds</font>

Two questions:

1. Was my initial raise correct?

2. What do I do after MP1's small reraise?