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Yes -- the pledge house was rented by MTV; SAEPi never had it before last spring and they won't ever have it again. And as for the name, according to their website, it stands for "Sisters of Alpha Epsilon Pi" -- apparently the UC-Davis chapter of AEPi supported them quite a bit in their quest to start a sorority.
Now that doesn't mean that I don't think that there weren't elements of "stagedness" to the series, but I'm pretty sure the sorority itself actually exists.
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