Mad artist receives offer (5)
I believe the answer is:
'mad' is the definition.
(I've seen this in another clue)
'artist receives offer' is the wordplay.
I cannot quite see how this works, but
'artist' could be 'ra' (Royal Academician, member of Royal Academy of Arts) and 'ra' is found within the answer.
'offer' could be 'bid' (synonyms) and 'bid' is located in the answer.
No letters remain.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for rabid that I've seen before include "Frenzied" , "Affected by hydrophobia" , "Extremely fanatical" , "Mad like deranged dog" , "Ill from a mad dog bite?" .)