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In the 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. Members of Florida Realtors have access to the Professional edition, which allows transaction management, document creation, printing, emailing, and form filling. There is also an upgrade option to the Ultimate edition, offering increased storage and unlimited e-sign sessions. The presenter notes that users can view their current edition and upgrade if necessary. The session then proceeds to examine a transaction that the presenter created.