If we can state that there is a 1 in 15 probability of a bus arriving any given minute, then the probability of a no bus arriving for a certain length of time is the integral
$$\int_0^t{e^{-t/\tau}dt}$$
where $\tau$ is the probability of a bus arriving in unit time (1/900 if we are working in seconds). This is an easy integral to evaluate.
Of course anyone who has ever waited for buses understands that, especially in the morning, there is a high correlation in arrival times. The "first" bus is slow because it has to pick up lots of passengers; the one behind will catch up, and soon you get the situation where you wait a long time, only to find a full bus followed immediately by an empty one.
update
on the other hand, if the buses arrive every 15 minutes (not "on average" but actually at 7:00, 7:15 etc) then a different scheme is needed. You can look at every possible minute that the person could arrive (7:01, 7:02 etc) and see whether the wait time is longer or shorter than a given limit. Thus
Arriving after 7:05 or after 7:20, there will be less than 10 minute wait. This is a probability of 2 in 3.
Arriving between 7:00 and 7:03, and 7:15 and 7:18, the wait will be more than 12 minutes. Probability 6 in 30 or 1 in 5.
This is conveniently ignoring the "running after the bus", time that the bus is actually at the stop, etc...