Do we have Node Reference : Representative node similar to the Taxonomy term: Representative node
The References module doesn't seem to provide a Views relationship like that. Here is one way to achieve the required functionality in your case:


Add a reverse Node Reference relationship to get teacher nodes referencing the college. This will get you all teachers for each college.
Implement hook_views_query_alter() and add the extra condition utilizing a subquery:

function mymodule_views_query_alter(&$view, &$query) {
  switch ($view->name) {
    case 'college_teachers':         
      $expression = '
        field_college_node.nid = (
          SELECT n.nid
          FROM {field_data_field_college} fdfc
          INNER JOIN {node} n ON n.nid = fdfc.entity_id
          WHERE fdfc.entity_type = "node" AND fdfc.field_college_nid = node.nid AND n.type = "teacher" AND n.status = 1
          ORDER BY n.created DESC
          LIMIT 1)'
      $query->add_where_expression(0, $expression);
      break;
  }
} 


(The Views-generated field_college_node alias is a bit misleading because in fact, it will reference the teacher node, not the college one.)