I think the question isn't saying that "the azeotropic composition is 27% ethanol and 73% trichloroethylene".
The question is badly worded.
It should say : ethanol and tricholoroethylene is known to form a azeotrope.
Your initial % are 27 and 73.
And I guess you need to get the graph for the azeotropic composition from somewhere.
1) If you distill it, the vapor is likely to contain the vapors of the thing that has the lower bp the most. As for the composition, I have no idea.
2) As time passes, the vapor composition would have more tricholoroethylene.
I found this
http://www.chemeng.ed.ac.uk/people/jack/azeotrope/TT.htmland also, your initial question says "% are 27 and 73" but is that in weight percentage, mol percentage, volume percentage?