Is the question corret
Question: A que hora esta en la universidad? My Answer: El evento esta en la una curato de la tarde.
2 Answers
When an event occurs ser is used even though it is temporary and it is stating a location. Its just one of those nuances in the spanish language. Also, I think that if you are trying to express a time, no matter what, ser is always used.
"¿A qué hora es el evento en la universidad?"
"El evento es/será a la una y cuarto del mediodía"(será=future)
edit: sorry just woke up a bit ago and didn't see that comment... Pescador explained it good though.
Anyway, ser/estar is too long like to explain it in a post. I would suggest to take a look at the lessons of this site since they are very good.