In VS 2010 that was possible to specify where to resolve assemplies right in Test Settings. To do that in VS 2012, you could do that in App.config as described in this post Assembly Resolution for Unit Tests by Visual Studio Test Team.
Just add app.config to your test project and put there the appropriate <AssemblyResolution> details.
<?xml version="1.0" encoding="utf-8" ?>
<configuration>
<configSections>
<section name="TestExecution" type="Microsoft.VisualStudio.TestTools.Execution.TestExecutionSection, Microsoft.VisualStudio.QualityTools.ExecutionCommon, Version=10.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a" />
</configSections>
<TestExecution xmlns="http://microsoft.com/schemas/VisualStudio/TeamTest/2010">
<AssemblyResolution>
<RuntimeResolution>
<Directory path="%ProgramFiles%\SampleApplication\" includeSubDirectories="true"/>
</RuntimeResolution>
</AssemblyResolution>
</TestExecution>
</configuration>