I found a support thread that recommended changing the Audio Driver Type (Preferences->2-Audio tab) to MME.
[img]https://ibb.co/Cph1h9JH[/img]

And here are the current driver settings (Driver button in preferences)
[img]https://ibb.co/Xrzz53r6[/img]

The good news is that I can now hear audio.

The not so good news is that I am now getting this error when closing the Preferences dialog or stopping the track in RealBand.
[img]https://ibb.co/VWp9zH4r[/img]