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In this tutorial, the speaker explains how to check the version of Form Simplicity under the reference tab. By scrolling down in the account information section, users can see their current edition. The professional edition is available for free to Florida Realtors members, providing features to manage transactions, add documents, and utilize printing and email functionalities. An upgrade to the ultimate edition is offered, which includes increased storage capacity and unlimited e-sign sessions. To view the current edition or upgrade, users can do so from the session. The speaker then prepares to review a sample transaction created.