I set out location (4)
I believe the answer is:
site
'location' is the definition.
(site is a kind of location)
'i set out' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'i'+'set'='iset'
'iset' with letters rearranged gives 'SITE'.
(Other definitions for site that I've seen before include "Locate, position" , "Where something is located" , "Location or piece of land" , "Area set aside for building" , "Location; locate" .)