I've not commented on the main question here, as I thought the others, esp. Tom had gone into it pretty thoroughly. But it's rolling on, so I think I'll add my hand-waving thoughts, in case it helps you.
To my mind you suggest: while the transistor is 'cutoff', and has 15 nA flowing through from E to C, we, for some reason, don't want the transistor to turn on.
I am tempted to question at this point: Isn't the whole point of a transistor to turn on and amplify?
But I won't say that because, of course, we want to employ the transistor as a switch i.e. to turn it off & on at will.
However, I can't see that intention being implemented in the given continuity tester, as from the start itself the circuit is assumed to be 'active' i.e. amplifying from the word go.
Some thoughtful comments there. Yes, IMO, there isn't a "whole point" of a transistor. It is what it is. Sometimes we'd like a perfect switch - it isn't, but we can make it do a good enough job. Sometimes we want a perfect amplifier - it isn't, but we can make it serve. (I remember transistor radios where they just used it as a rectifier: presumably it was convenient not to stock diodes as well, so they just used another transistor. Or maybe they just used up the ones that were not good enough to work as an amplifier?)
Anyhow, the other bits & pieces, the resistors, are there to make it do the job we want. Here that job is a switch. We want the LED on when there is continuity, low resistance, between your test leads and we want the LED off when there isn't. (What counts as low enough resistance is another question.) And we don't want it to be "active" except for that brief instant when it switches on or off. The rest of the time we want it to be inert - either a perfect conductor we can ignore, or a perfect insulator we can ignore.
So in what way is our transistor not a perfect switch? Well, it doesn't switch off, not completely. V
CBO means that even when off, a tiny bit of current can flow. That (upto) 15nA getting from C to B isn't enough to worry about. It won't light the LED. But if it carries on to the E, it will get amplified (up to 800x) and become (upto) 12uA. My guess is that wouldn't matter either, because I don't think it's enough to light up your LED. (I think that's what you found, when you removed the 100k.)
But the designer thought, just to be sure we can provide it with another route - out of the base and through a resistor back to the battery - so that it doesn't get amplified. We want a big resistor, so that it doesn't confuse the issue of whether the circuit you're testing is conducting. But not too big, because we don't want the voltage across it to be more than a few tenths of a volt. If the voltage gets more than that, the current will start going through the E as well. Tom got 40M (max). The designer chose 100k, which is well on the safe side, but no one would confuse that with good circuit on the probes.
The other resistor deals with another limitation. If we connect a short-circuit to the probes, as we normally intend to do, current can flow from the battery straight through the EB and back to the battery. That's not an easy calculation, but it takes only 0.8V to drive 10mA through EB and the current rises exponentially with the voltage. So by the time it gets to 6V, it will be about.. a lot .. of current! And 6V x a lot of current is going to be way above the power capability of this little transistor. (It looks like it could manage about 500mW, so max current at 6V is about 100mA. The "a lot" of current would be well over that.)
The designer seems to have taken the view that, since the transistor current gain is at least 100, we only need to let 1/100th of the current through the base and has picked a resistor 100x as big as the collector resistor. (Let's hope he got the collector resistor right.)