As is typical with most of my problems, I figured this out on my own…sort of. I ended up starting a completely new project just to troubleshoot using the cursor over event. I discovered that within the collision settings for my collision box, the “visibility” box under “Trace Responses” needs to be set to “Block”. After I checked that the event fired perfectly. I haven’t been able to figure out why the box would appear at the edge of the screen. It wasn’t behaving that way in the new project so if I run into that problem again, based off the responses I’ve received from this thread, I’m sure I’ll figure it out myself once more. 
ONWARD!
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