Absolutely. Especially without context. Standing on its own, this sentence seems to be missing something. The subject is implied, it must have been mentioned in a previous sentence.
But if we interpret the sentence with "magyar" being the subject, we end up with what you just wrote.
The distinction is usually very clear from context and intonation. In this case, one would say it as if there is a comma after "magyar". Normally, "magyar tanárt" would almost sound like one compound word.
That would be egy magyar tanár vár. The accusative suffix -t indicates that someone is waiting for the teacher.
Since this sentence does not have a subject (unless you interpret it as egy magyar is the subject), we have to infer from the verb conjugation that "he" or "she" (or "it", I guess) is waiting for the teacher.