Mods, like everyone else, you need to follow the rules. You don't get a lot of freedom. You get more power but a ton of responsibility that comes along with it.
1. You have kicking and banning powers. Don't abuse them. This is your statement, if anyone does piss anyone off or break rules, then kick them. If they come back and cause more trouble, then ban them for 2 hours.
2. You fall under the same punishments as rest. If an admin sees you being an ass or just not following rules, you will be kicked. Take this as a hint and don't do it again. If you do, you will be banned. If this happens again and again, you will be revoked and banned.
3. You need to enforce. You aren't here for shits and giggles. If anyone breaks the rules, enforce. You can then have fun but when anyone breaks the rules, you must enforce.
This is basically it. Admins will keep you inline if you need it.