Step 1: Identify the similar triangles by the basic proportionality idea.
Since $AB \parallel EF$, triangles $DAB$ and $DEF$ are similar, so corresponding sides along the two transversals are in the same ratio.
Step 2: Write the ratio using $DE$ directly instead of $AE$.
\[ \frac{DA}{DE} = \frac{AB}{EF} = \frac{24}{36} = \frac{2}{3} \]
Step 3: Solve for $DE$ first, then subtract.
Since $DA = 7$, we get $DE = \frac{3}{2} \times 7 = 10.5\text{ cm}$. Then
\[ AE = DE - DA = 10.5 - 7 = 3.5\text{ cm} \]
Step 4: Conclude.
This matches option (3).
\[ \boxed{3.5\text{ cm}} \]