OK, I eventually figured this out, with the help of MS Access query builder GUI.
SELECT all_wr_table.*, works.WAT_CONTROLVALVE.LIFECYCLESTATUS
FROM
(
works.INSPECTIONS_VALVE_INSPECTION AS all_wr_table
INNER JOIN
(
select max(most_recent_Table.INSP_DATE) as MaxOfINSP_DATE, most_recent_Table.FACILITYID
from works.INSPECTIONS_VALVE_INSPECTION as most_recent_Table inner join works.WAT_CONTROLVALVE on most_recent_Table.FACILITYID = works.WAT_CONTROLVALVE.FACILITYID
group by most_recent_Table.FACILITYID
) AS most_recent_Table
ON
(all_wr_table.INSP_DATE = most_recent_Table.MaxOfINSP_DATE) AND (all_wr_table.FACILITYID = most_recent_Table.FACILITYID)
)
INNER JOIN
works.WAT_CONTROLVALVE ON all_wr_table.FACILITYID = works.WAT_CONTROLVALVE.FACILITYID
WHERE
(
((all_wr_table.DATEWORK) Is Null) AND ((all_wr_table.VALVE_INOPERABLE)='True')
);