Horizontal lines bulging on drywall
Masonry walls sorry spell check brick , concrete etc . 
I am not sure if flood damage once repaired requires notifications. 
The bulge won’t hurt but it looks ugly I use a steamer and sometimes a spray bottle with water to remove bad tape jobs. Then retapping and painting. I don’t know if it will get any worse but it normally won’t get better, some cases it will fall off. Don’t get aggressive and pull the paper tape because some spots usually stick and can rip the Sheetrock paper.

If the room is a recreation room for kids I would wait to repair until just prior to repainting , if it is a nicer area and bothers you it is a good beginner DIY job for tape and texture .