Thank you for all the responses. Here is what I was able to figure out:
1. The audio settings:

[img]https://www.dropbox.com/s/zdax8onu3r3rw3g/ASIO%20Audio%20Drivers.png?dl=0[/img]

RealBand shows only 2 input ports for the Behringer ASIO drive instead of 4.
I set the "Input Channel for Mono Track" to L+R (2 tracks)

2. I connected one microphone and 1 guitar to input port 1 and 2 of the controller.

3. I set the top 2 tracks in RealBand to Mono and picked the first Input port.

I selected the top track and started recording. RealBand showed two tracks recording. Clicking OK to keep that track RealBand merged the two tracks to one.

At about the 20th second the audio file is scrambled for 2-3 seconds. I guess I need to reduce the sampling quality or something like that.

Bottom line, I cannot designate an input port to each track and the program detects 2 ports instead of 4. Not sure if this is a hardware or RealBand limitation. I'm going to try on another DAW and report back here.