This error is caused by the ASP.NET role service missing within IIS. Complete the following steps in order to resolve the issue: 
  1. Uninstall Faculty Access for the Web
  2. From the Start Menu, choose Control Panel
  3. In Control Panel, under Programs, choose Turn Windows Features On or Off
  4. Click Roles
  5. Select Web Server (IIS)
  6. Scroll Down and choose Add Role Services
  7. Under Application Development, select ASP.NET
  8. If prompted, add the required role services
  9. Select Yes and then Install
  10. Verify that IIS is fully configured 
  11. Install Faculty Access for the Web