Another way to look at this is in terms of specific conic sections. If the equation were ax2 + by2 = 1, this would be:
a) a circle if a > 0, b > 0 and a = b.
b) an ellipse if a > 0, b > 0 and a != b
c) a hyperbola if a and b are opposite in sign
For the equation ax2 + by2 = 0, you can think of this as
a) a degenerate circle if a > 0, b > 0 and a = b. I.e., a circle of radius zero, centered at the origin. In other words, a single point.
b) a degenerate ellipse if a > 0, b > 0 and a != b. Also a single point.
c) a degenerate hyperbola if a and b are opposite in sign. I.e., a pair of straight lines that intersect at the origin.