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In the tutorial, the speaker explains the process of applying and wiping off a finish as instructed by Darren. After applying the finish, it should sit for about 10 to 15 minutes to soak in, before wiping off the excess. This is important to prevent a thick, waxy buildup that can hinder the varnish from adhering properly. The first layer provides a base, and additional coats can darken the finish significantly. Typically, two or three coats are sufficient, with the first coat covering the basics. The speaker notes that subsequent layers will intensify the color.