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In the video tutorial, the presenter explains how to check the version of Form Simplicity being used in the reference tab under account information. The professional edition, available for free to Florida Realtors members, allows users to manage and create transactions, add documents, print, email, and fill them out. There is also an upgrade option to the ultimate edition, which provides additional storage space for transactions and the ability to conduct unlimited e-sign sessions. The presenter notes that users can view their current edition and upgrade if needed. Following this, the tutorial will examine a specific transaction created by the presenter.