Based on my research session (aka studying for finals), I finally found a source that put it this way:
A function G(x,y) is homogenous of degree n if: $G(tx,ty) = t^nG(x,y)$
Hence, if by replacing x and y with $\lambda x$ and $ \lambda y$ You yield the same function being multiplied by some power of lambda ($\lambda^n$) then you know the equation is homogenous with degree n.