Term of respect that's reversible (5)
I believe the answer is:
madam
This clue is a double definition.
'term of respect' is the first definition.
(I've seen this in another clue)
'reversible' is the second definition.
'that's' acts as a link.
(Other definitions for madam that I've seen before include "formidable woman" , "'Call Me ---' (I. Berlin)" , "pompous young lady?" , "How one may address a woman" , "Woman with status - girl with bad manners" .)