>I'm Using VFP7.0 SP1
>Is there any function that will tell me if a READ EVENTS is in effect?

AFAIK, there's no such function in VFP. Why do you need to know that?
You can add a property to store that info.

_Screen.Addproperty("lReadEvents", .F.)
_Screen.lReadEvents =.T.
READ EVENTS
_Screen.lReadEvents =.F.