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In the reference tab of Form Simplicity, you can check the version you are using under account information. It will display whether you are on the professional or ultimate edition. The professional edition is available for free to Florida Realtors members, allowing transaction management, document handling, and more. If you need more storage and unlimited e-sign sessions, you can upgrade to the ultimate edition. The video tutorial also mentions that you can view your current edition and initiate an upgrade if necessary. The presenter will then demonstrate a transaction they created.