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In the video tutorial, viewers are guided to the reference tab to check their version of Form Simplicity. By scrolling down under account information, users can see their current edition. The professional edition, which is free for Florida Realtors members, allows management of transactions, document handling, and printing. An upgrade to the ultimate edition offers increased storage space and unlimited e-sign sessions. The tutorial mentions how to view the current edition and the option to upgrade directly from that section. Finally, the presenter indicates they will demonstrate a transaction they created.