Well, and supposedly also inspected and brought up to a standard as well, i.e., if the brake pads are nearly worn-out, a CPO should have them replaced before it is sold to you.

A dealer near where I live got into trouble with BMW a few years back by putting the CPO "stamp of approval" on vehicles without doing the necessary inspection and work on them prior to sale. They actually ended-up in court for a few years over the dispute as I think BMW wanted to pull their franchise as a result.