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In the tutorial, the speaker explains the process of applying and wiping off a finish as instructed by Darren. The technique involves applying the finish, letting it sit for 10 to 15 minutes, and then wiping off the excess. This allows the product to soak in while preventing thick waxy buildup, which can hinder the varnish's adherence. The speaker notes that after the first coat, additional layers can darken the piece significantly, with two or three coats typically being sufficient. The initial layer creates a base, while subsequent layers enhance the depth of color, ensuring a well-finished look.