Point out the piebald horse (5)
I believe the answer is:
pinto
'piebald horse' is the definition.
(I've seen this in another clue)
'point out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'point' anagrammed gives 'PINTO'.
'the' is the link.
(Other definitions for pinto that I've seen before include "Mount" , "A piebald pony" , "H [HORSE]" , "Piebald horse (US)" , "patchy horse" .)