Solution.
Denote the class of X in the quotient via x. Note that cx+d is invertible if and only if there exist c′,d′∈R such that
1=(cx+c)(c′x+d′)=cc′x2+(cd′+c′d)x+dd′=(cd′+c′d)x+(acc′+dd′).
Consider the F-algebra A=F[Z,W,Z′,W′]/⟨Z′W+Z′W,WW′+ZZ′a−1⟩. Any homomorphism φ:A→R[X]/⟨X2−a⟩ is uniquely determined by φ(z),φ(z′),φ(w),φ(w′), and note that φ(z)x+φ(w) is invertible by construction. In fact, because inverses are unique, φ is determined uniquely by φ(z),φ(w).
Conversely, given an invertible cx+d with inverse c′x+d′, define f:F[Z,W,Z′,W′]→R[X]/⟨X2−a⟩ via (Z,W,Z′,W′)↦(c,d,c′,d′). By construction, f(⟨Z′W+Z′W,WW′+ZZ′a−1⟩)=0, so f descends to a function φ:A→R[X]/⟨X2−a⟩.
Thus, we obtain a bijection between (R[X]/⟨X2−a⟩)× and homomorphisms φ:A→R[X]/⟨X2−a⟩, i.e., if F is the functor in question, then
F(−)≃HomF(A,−),
so A represents F.