Real pic? It's phoney copy (7)
I believe the answer is:
replica
'copy' is the definition.
(replica is a kind of copy)
'real pic? it's phoney' is the wordplay.
'it's phoney' is an anagram indicator.
'real'+'pic'='realpic'
'realpic' with letters rearranged gives 'REPLICA'.
(Other definitions for replica that I've seen before include "Exact copy as of sport trophy" , "Parcel I arranged as exact copy" , "knock-off" , "Reproduction, exact copy" , "Copy original" .)