No phony earl, it's true (4)
I believe the answer is:
real
'true' is the definition.
(similar in meaning)
'no phony earl' is the wordplay.
'earl' can be anagrammed to 'REAL'.
However, I'm not clear how this is indicated.
'it's' acts as a link.
Can you help me to learn more?
(Other definitions for real that I've seen before include "Lear, strangely, could actually exist" , "Actual; coin" , "Genuine, not imitation" , "In America, this estate comprises land and buildings" , "Genuine or existing" .)