Which of the following governs the operation of a shared property?

Bylaws are essential governing documents that specifically outline the rules and procedures for the operation and management of a shared property, such as a condominium or homeowners' association. These rules often cover a range of topics, including the responsibilities of property owners, usage restrictions, maintenance obligations, voting procedures, and the authority of the governing board. Having a clear set of bylaws helps ensure that all property owners are aware of their rights and responsibilities, thus promoting harmony and order within the community.

In contrast, guidelines might offer informal suggestions or best practices but do not carry the same legal weight as bylaws. Regulations typically refer to broader laws or standards set by governmental bodies that may affect multiple properties or areas, but they do not specifically govern the internal operations of a shared property. Policies can provide frameworks for decisions and actions but are generally less formal than bylaws and do not cover the same level of detail regarding property governance. Therefore, bylaws are the correct answer as they serve as the foundational legal structure for shared property management.