System Checker Error: "This software requires Microsoft .NET Framework 4.6.2 or a later version of Microsoft .NET Framework." (4266734)

When attempting to run the Active Roles System Checker application, the following error is observed:

This software requires Microsoft .NET Framework 4.6.2 or a later version of Microsoft .NET Framework.

On Server 2012 and earlier:

• .NET 4.6.2 or later is not installed

On Server 2016:

• .NET 4.6.2 is installed by default in the OS, but the error is still observed
• In this scenario, Active Roles is looking for Release 394806 of .NET or later, but the pre-installed Release on Server 2016 is 394802.
• The Release key can be verified at the following location:
  • HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\NET Framework Setup\NDP\v4\Full

On Server 2012 and earlier:

• Update/Install .NET 4.6.2 or later

On Server 2016:

• This issue has been identified as a Product Defect and given the Defect ID 105554. This defect will be reviewed for possible inclusion in a future release of Active Roles.

• Workaround: Install any .NET version later than 4.6.2