StabbittyDoom
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At my table we assume that the telepath has to start conversation, but from then until they choose to end it the other party can communicate back. Basically, the telepath is reading their (willingly given) surface thoughts and projecting their own into that same space. This is similar to how the helm of telepathy works.
RAW is somewhat unclear, however. It just says it can "communicate" with other creatures, which implies but does not require two-way communication. The simplest (and strictest) interpretation of telepathy is that it's one way: The telepath can send the creature a message, but that creature can't necessarily talk back.
Personally, I believe it's meant to be two-way, and there's a lot in there implying that it is two-way without directly stating it. Hence why we run it the way it states in the first paragraph of this post.