The following link goes to an msdn2 article which outlines the order of target executions that the TeamBuild service uses when executing its core targets via MSBuild. These are VERY hand to know in case that you want to supply any custom tasks based on the output of previous steps in the build (i.e., creating a custom .application deployment manifest based on built binaries in the CoreCompile section of the MSBuild script).
For breveity (and my convenience), the sequence of Team Build via MSBuild is below:
Order of Target Execution
The order of execution of the targets is in the following list.