Your V525 has a speakerphone. At least mine does. Press the right hand soft key when in a call to activate it. Be patient however, as doing so, like most all else, will throw the phone into a state of frozen confusion if it doesn't react reasonably quickly and you press again. It's the worst phone I've ever used. The menus are the least intuitive I've ever seen, it's slow to respond to key presses frequently not registering the first two digits of a manually dialed number, has been replaced numerous times due to faulty mics and speakers, has rubbish 'first letter only' phonebook access, the battery life is pathetic and it has poor, nay bizarre, bluetooth functionallity.
As a result, I would never, ever again have another Motorola phone. If it wasn't a work phone it would have gone back the moment after I first used it. I've used a V3 for the last few weeks as I finally lost my rag with UK Voda and demanded they send me something that actually works and a V3 they sent as it had to be Motorola for Motorola swap. It's only fractionally better. Think thin V525 with a couple of minor improvements. Motorola have lost the plot when it comes to phones. I'll be glad when the contract is up and they're gone forever in favour of Nokia, Samsung... or just about anything.
Sorry, rant over. To answer your question. No, you won't hear them and they won't hear you.