Is it possible to transmit and receive beacon signals at the same time using an android device acting as a beacon?
Yes, on Android 5+ devices that support beacon transmission (see the list here), you can both send and receive beacon transmissions simultaneously. You can see a demonstration of this using the Android Locate app. Simply turn on a transmitter, then switch to locating beacons. If you do this on two Android phones at the same time, they will both see eachother's transmission.
A few things to be aware of: