I figured it out. I was missing the ALL parameter.
<cfscript>
form.test = replace(#form.test#, "—",
" - ", "ALL");
form.test = replace(#form.test#, "’", "'", "ALL");
form.test = replace(#form.test#, "“", """", "ALL");
form.test = replace(#form.test#, "”", """", "ALL");
</cfscript>