I understand that the order of the quantifiers of a statement determine the truth value of statement. For example,
$$\forall x \in \mathbb{R}, \exists y \in \mathbb{R}\ \text{such that}\ y^2>3x+5$$ $$\exists y \in \mathbb{R}, \forall x \in \mathbb{R}\ \text{such that}\ y^2>3x+5$$
Will I be correct in assuming the first statement is false and the second statement is true?
You have your truth/falsity the wrong way around. It is true that for any real number, you can always find one that is much bigger, which is the first statement. But it is false that there is some real number which is always (much) bigger than the others, which is the second statement. Both of these arise from the fact that in the reals, there is no "biggest number" - you can always find a bigger one, but never find a biggest.