Building is right out and wrong (7)
I believe the answer is:
rotunda
'building' is the definition.
(rotunda is a kind of building)
'right out and wrong' is the wordplay.
'right' becomes 'r' (common abbreviation).
'wrong' indicates an anagram.
'out'+'and'='outand'
'outand' anagrammed gives 'otunda'.
'r'+'otunda'='ROTUNDA'
'is' is the link.
(Other definitions for rotunda that I've seen before include "Round building or hall" , "Italian Pantheon, for instance" , "domed hall" , "Circular room or building" , "Do a turn (anag) -- circular domed building" .)