1.  Each person licensed pursuant to chapter 645 of NRS as a real estate broker, broker-salesperson or salesperson who does business in this State and receives wages, commissions or other compensation based upon activities for which the license is required may elect coverage pursuant to chapters 616A to 616D, inclusive, of NRS. If coverage is so elected, the real estate broker, broker-salesperson or salesperson shall be deemed for the purpose of those chapters to earn wages of $1,500 per month. Except as otherwise provided in subsection 2, not more than one premium may be collected from such a licensee for the wages, commission or other compensation the licensee receives from any activity for which such a license is required.

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2.  Except as otherwise provided in this subsection, if a licensee holds both an individual broker license and a corporate broker license, the licensee shall pay the premium for coverage under the corporate broker license only and is limited to recovery of benefits in accordance with the deemed compensation attributed to that license only. If a licensee holds both an individual broker license and a corporate broker license and elects to pay premiums for coverage under the individual broker license also, the licensee may recover benefits in accordance with the deemed compensation attributed to both licenses.