Honestly I feel like you could get a highly professional photoshoot on your own for $750.00 with most photographers and local make up artists of your choice.
I can understand if the agency did things such as charge you for extra prints (ZED Cards, Comp Cards, buisness cards, etc...) to keep on your person. But I can't understand signing models to contracts in mass and telling them that they need a pay for a photoshoot with them to begin working together. That's just not how the fashion industry or any other section of the modeling buisness works. Plus many of these kinds og "agencies" offer unrealistic promises or oppurtunities to talent.
Alpha Model Group and Wilhelmina Scouting Network are good examples of companies that took advantage of talented and untalented models by charging them for photoshoots and producing very little.
I can't say that the company your dealing with is a scam but I do believe you can invest in yourself in much easier ways. many models are signed with more then one Agency. That wouldn't be possible if agencies charged new talent. Who could afford it?
Here are a few more links in the MMT Scams section you may want to look at:
NEVER PAY TO BE LISTED ON A SITE OR FOR CASTING CALL NOTICES The Bogus Agency Scam: By NewModels.com Alpha Model Group is a Scam! Wilhelmina Scouting Network (Formerly TCT Talent)