You have to pay points to get access to it, and then you have to pay for the skill to use it. Think of it like the Arcane Power talent (p. 54 of the core rulebook), except it only grants access to a single spell. If it requires an attack or can be resisted, you still need to develop the skill necessary to learn what you pick, just like you would with your chosen spell (there's a list on p. 49 of College of Magic). Keep in mind: as written, this talent doesn't allow for upcasting, like a spell does. That means you're permanently stuck with the baseline version.