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In this video tutorial, the presenter explains how to check the version of Form Simplicity being used by navigating to the Reference tab and scrolling to Account Information. It highlights that all Florida Realtors members can access the free Professional edition, which enables transaction management, document handling, printing, and emailing. The tutorial also notes the option to upgrade to the Ultimate edition, offering increased storage for transactions and unlimited e-sign sessions. Finally, the presenter plans to demonstrate a specific transaction created within the platform.