Which three statements correctly describe the properties of water? liquid water is less dense than water vapor. water forms hydrogen bonds with other polar molecules. water is a polar molecule. water dissolves most ionic compounds. water dissolves most hydrophobic substances.

CORRECT STATEMENTS
> Water forms hydrogen bonds with other polar molecules. 
> Water is a polar molecule. 
> Water dissolves more ionic compounds. 

Water is a polar molecule because of its uneven distribution of electron density. It is made up of two hydrogen atoms and one positive atom.
Since water is a polar molecule, it forms hydrogen bonds with other polar molecules. Though these bonds are relatively weak, however, there are so many of them present in water. 
Water also dissolves most ionic compounds due to the fact that water is a universal solvent. When these compounds are added to water, there will be an interaction between the individual ions and the polar regions of the water molecules and disrupts the ionic bonds. 

INCORRECT 
> Liquid water is less dense than water vapor. - Liquid water has a higher density than water vapor. The fact that water vapor rises indicates that it is less dense than water.

>Water dissolves more hydrophobic substances. - Hydrophobic substances do not dissolve easily in water. It is termed as 'hydrophobic" because it means water-fearing.