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For more advanced transitions included with Premere Pro, it shows a red 'X' that covers the screen. I thought this would go away when exporting, but it doesn't.
It looks like you are using 3rd party transitions that are watermarked to indicate they are unlicensed.
You need to buy the license for the transitions you are using to get the watermark removed.
Where do we purchase the license for these transitions since they've come with premiere pro?
This most likely did not come with Premiere. I think I can make out a "un" on the transition in your timeline, which would suggest it's a Red Giant Universe plugin. https://www.maxon.net/en/red-giant-complete/universe/
Great, thank you!