All causes of action, whether there be a suit pending therefor or not, may be submitted to the decision of one (1) or more arbitrators, except in one (1) of the following cases:
(1) Where one (1) of the parties to the controversy is an infant or a person adjudicated incompetent;
(2) One (1) respecting a claim to an estate in real property, in fee or for life. Not included in the exception are: A controversy in regard to an estate or term for one (1) year or less or of years not exceeding five (5); or
(3) Respecting the partition of real property, or the boundaries of lands.