Some will power up with no load, although most will require a small load - however, the voltages will not be representative of voltages during normal running - one of my PSUs, when connected to an empty mobo (nothing else) only offers about 10.7 V on the 12 V line, once a decent load is put on the 5V line, then then 12V rises into the normal range.
Only the 3.3 and 5V lines are regulated on a typical ATX supply - the 12 V, -5 V and -12 V lines are generated by additional windings on the 5 V transformer - unless the 5V line is under adequate load, these supplies will be extremely weak.