at.algebraic topology - a naive question about homogeneous polynomials

Assume that $p$ is non-zero. If the form $dp/p$ were exact, then locally a primitive would be $log(p)+const$; this is easily seen not to work as soon as you can "loop around" $S$ (e.g. restrict everything to a line intersecting $S$ and see what happens there). Thus the form $dp/p$ is exact if and only if $S$ is empty, and hence if and only if $p$ is constant.