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In the video tutorial, users are guided to the "Reference" tab in Form Simplicity to check their version. Under account information, they can see the current edition, with the professional edition being a free benefit for Florida Realtors members. This edition allows users to manage their transactions, add documents, and use functionalities such as printing and emailing. There's an option to upgrade to the ultimate edition for increased storage capacity and unlimited e-sign sessions. Viewers are also encouraged to explore a sample transaction created in the platform.