A homage and a replica are two very different things!
A homage is a watch that is inspired by the style of a famous timepiece, but to a careful eye is distinguished by several details, including the most important - and obvious. That on the dial there is another brand - and it is evident, or there is no brand - and in this case, horology fans call it "sterile dial." Most people who start a watch collection - and have limited resources - buy homages, since these timepieces often offer a high price/quality ratio.
On the other hand, a replica is made to reproduce a famous watch in every way - including the fraudulent use of the brand name of the copied watch. As a result, replicas vary in quality, ranging from fanciful and not very credible copies to watches that reproduce in all respects the copied timepiece - watch movement included (and are generally called "clones" in watchspeak).
Then there is another particular category of timepieces called "Franken" - a name derived from the famous Frankenstein's monster. As you might guess, a Franken is a watch assembled using pieces of different timepieces, some original and some not. Although this practice is rather accepted in vintage watches, where you can replace a broken or missing part with a new or compatible one, it becomes fraudulent in other cases.
To give a practical example of what we mean, some not-so-honest people buy an original black Rolex Submariner, and separately, a fake green dial and bezel to install them over the watch to get a "Hulk" Rolex. The average Submariner has a street price of about $12,000, while a Hulk is worth about $20,000. And we should add the sales value of the original bezel and dial sold separately - so you can immediately understand why this "transplant" is practiced.