Will the leads that are held with the lead sent disposition of “no” in the view leads section be released as soon as the transfer out is switched to “yes”?

It depends on the Transfer Type setting.  Transaction offers never look at their history, so the test leads must be handled manually (the “send test post” button on the bottom of the data transfer set-up section will post those leads one at a time).  You can also set the sent disposition to "Pending" in the View Leads tool.  For throttled offers, the test leads should go out, assuming that the throttle is set high enough.

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