I'm new to this, so I'm uncertain about a lot. However, I'm excited for the prospect to find a new home where I will be appreciated and where I will feel safe and secure. Anybody have any ideas for me on how the compensation is "supposed" to work? Anything to steer clear of?

it's pretty wide open and based on who you're serving and what you negotiate.  usually room & board, sometimes more if you're lucky or your master is wealthy.  i've been given spending money, car access, gas money, airline tickets, entertainment, etc.  some very generous only expecting me to work 20 hours a week and some less so expecting me to work well past 50.   

PS these forums are close to moribund so you may not get too many responses.  i'm happy to chat offline if you have other questions or want help.  good luck.