Acronym for Pre Purchase Exam. Used commonly in the equestrian world. Involves a vet looking over a horse and clearing it for whatever purpose the buyer has in mind for it. Typically involves X-rays of the horse's legs and back. Can be more in depth or less, depending on what the buyer's budget and desired purpose for the horse is.
"I love the horse but they don't allow a PPE and I'm not dropping 20k on a horse without one"
"Blaze passed his PPE! All clean x-rays, scoped clean, and trotted off sound in the flexion test"
"Jack failed his PPE. He had a knee chip. It's never bothered him and I had no idea it was there! They didn't want to risk it so I lost the sale"