I dont think it will be that complicated… they usually state if its a long position … or long position backed up by a put option. So if its a long position then var would be okay however adding a put would breach the normality assumption.
Leverage makes both the lower and upper tail fatter so this would not violate normality
Just a thought…would not torture yourselves with these one off “thought experiments” while thinking through this question is a useful thing I would focus strictly on what is in the curriculum and problem sets with what remaining time you have before the exam. Also spend at least as much time knowing why you got questions wrong and how to make them right as you do slogging through one mock exam after another without making sure you know the right answers 