To check if time has been set by a NTP server you could try using ntpq -p you will get something like this*:
$ ntpq -p
remote refid st t when poll reach delay offset jitter
==============================================================================
*223.212.138.2 .MRS. 1 u 424 512 377 4.080 -4.551 21.857
+ts0.tttsc.nvm.e .GPS. 1 u 387 512 363 1.304 -7.563 28.405
+218.89.10.3 217.13.17.82 2 u 334 512 377 1.853 -4.562 19.474
The 'reach' will be >0 in some row if the NTP server has been reached and thus set the time. It is 8 bits octal sliding along i.e. 0,1,3,7,17,37,77,177,377
Or this - you could grep 'stratum' < 16 or sync_ntp (this is not on RPi obviously)
$ ntpq -c rl
associd=0 status=0615 leap_none, sync_ntp, 1 event, clock_sync,
version="ntpd [email protected] Mon Jul 18 09:22:49 UTC 2013 (1)",
processor="x86_64", system="Linux/2.6.32-431.29.2.el6.x86_64", leap=00,
stratum=4, precision=-21, rootdelay=40.242, rootdisp=315.102,
refid=192.168.1.123,
reftime=d82131cd.fbb96c5e Thu, Nov 27 2014 13:14:53.983,
clock=d82138e6.fd03bdd1 Thu, Nov 27 2014 13:45:10.988, peer=61770, tc=9,
mintc=3, offset=5.214, frequency=52.475, sys_jitter=12.217,
clk_jitter=23.319, clk_wander=1.373
$
Alternatively (I think ntpstat not available immediately on RPi)
$ ntpstat
synchronised to NTP server (192.168.1.123) at stratum 4
time correct to within 310 ms
polling server every 512 s
and use exit codes too explained here http://www.cyberciti.biz/faq/linux-unix-bsd-is-ntp-client-working/ admittedly not RPi specific...
*Time server addresses are not real