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). 

http://msdn2.microsoft.com/en-us/library/aa337604.aspx

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.

  1. BeforeEndToEndIteration

  2. BuildNumberOverrideTarget

  3. InitializeEndToEndIteration

  4. BeforeClean

  5. CoreClean

  6. AfterClean

  7. Clean

  8. InitializeBuild

  9. BeforeGet

  10. BeforeLabel

  11. Label

  12. AfterLabel

  13. InitializeWorkspace

  14. CoreGet

  15. AfterGet

  16. PreBuild

  17. BeforeCompile

  18. CoreCompile

  19. AfterCompile

  20. Compile

  21. GetChangeSetsAndUpdateWorkItems

  22. PostBuild

  23. BeforeTest

  24. CoreTest

  25. Test

  26. AfterTest

  27. PackageBinaries

  28. TeamBuild

  29. BeforeDropBuild

  30. CoreDropBuild

  31. CopyLogFiles

  32. AfterDropBuild

  33. DropBuild

  34. EndToEndIteration

  35. AfterEndToEndIteration